
Class BBjL&_ 



Book 



COLLECTION / / 

OF 

National Monetary Commission 
1912 



Itti 



^S! 



I 









The Maverick National Bank of Boston presents its patrons and 
the representatives of the leading financial interests through- 
out the Bnited States with this volume of financial statistics, 
carefully compiled "by specialists from the very latest sources 
It has endeavored to present a readable volume as well as 
one valuable for reference. 



THE 



MAVERICK NATIONAL BANK ^ 

» • 



MANUAL 



JULY 1, 1887, 



BOSTON: 

Wright & Potter Printing Co., 18 Post Office Square. 

1887. 







By tv&v tor f;Om 

National Monetary Commission, 

ID] 2 



Copyright, 1887, by the Maverick National Bank. 



BY TRANSFER 



CONTENTS 



Paga 

THE OUTLOOK, ....... . 1-4 

* QHAPTBR..L •, • 

Page 

HISTORICAL SKETCH OF THE RATIONAL DEBT, . . 5-18 

Early Debts. — Early Government Loans (1803-1837). — Division of 
the Surplus op 1836. — Government Loans (Second Period, 1837- 
1861) . — Fluctuations op the Debt (1837-1861). — Government Loans 
(Third Period, 1861-1881). — Annual Reduction op the Debt (1865- 
1887). — Analysis op Public Debt.— U. S. Bond Calls (1871-1887).— 
Bonds owned by National Banks. — Annual Receipts, Expendi- 
tures, Interest Payments and Surplus op United States (1860- 
1887). — Annual Appropriations made by Congress (1877-1887).— 
Debt Statement, June 1, 1887. 

Chapter II. 

r Page 

THE' CREDIT OF NATIONS, 19-26 

The Rate op Return to Investors in English, French, German, 
Spanish, Austrian, Turkish, Egyptian, Chinese, and Japanese 
Government Securities.— The Credit op the United States. — Its 
Growth in Population and Wealth. — The Burden op Armies and 
Navies to European Nations. 



Chapter III. 

Page 

STATE AND MUNICIPAL INDEBTEDNESS, .... 27-35 

O-eneral Notes on State Indebtedness. — State, Territorial, County, 
and Municipal Debts in 1880. — State Debts and Valuations, Jan- 
uary 1, 1887. — Approximate Credit op States. — Debts, Population, 
and Debt per Capita op Forty Cities op the United States.— 
Average Rates op Interest Paid and Credits op Leading Cities 
of the United States. — Growth op American Cities op 50,000 
Population since 1790. — Indebtedness op Foreign Cities. 



VI CONTENTS. 



Chapter IV. 

Page 

WATER WORKS BONDS, 36-48 

Their Security as Investments. — The History op "Water Supply 
for Cities. — Conduit Data. — Comparisons of Large Gravitation 
Works.— London's "Water Supply. —History of American Water 
Works. — Cost, Expenses and Revenue. — Financial Statistics of 
Leading Water Works. 



Chapter V. 

Page 

WHAT ARE SAVINGS BANK SECURITIES? . . . 49-56 

Abstract of the Laws regulating the Investment of Savings Bank 
Funds.— The (3-rowth of Savings Banks.— Savings Bank Statis- 
tics of the United States. 

Chapter VI. 

Page 

BANKS AND BANKING 57-78 

Early Banking in Europe. — The Bank of England and the Joint- 
Stock Banks. — Bank of France. — Prices and Dividends of 
European Bank Shares. — Canadian Banks. — The Increase of 
Banking Capital. — History of Banking in the United States.— 
The Number of National Banks. — Capital and Profits. — Com- 
parative Position in Recent Times. — The Statistical Record for 
Twenty-one Years. — The Maverick National Bank. 

Chapter VII. 

Page 

COINAGE AND CURRENCY 79-89 

Oriental and European Coinage. — Colonial Coinage. — The Silver 
Dollar. — United States Coinage. — Value of Foreign Coins.— 
Legal Tender and Bank Notes Statistics. — The Distribution of 
the Currency of the United States. — Q-old and Silver Produc- 
tion. — Ratio of Silver to Q-old. 

Chapter VIII. 

Page 

BANK CLEARING HOUSES 91-97 

History. — The United States Clearing Houses. — Number of Banks 
represented. — managers. — exchanges, 1885 and 1886. — four 
Months of 1887 compared with 1886. — New York Clearances, by 
Years. — History of the Boston Clearing House. — Its Exchanges, 
by Years. — Clearances of the World. 



CONTENTS. Vll 



Chapter IX. 

Page 

RAILROADS, 98-117 



The Development of the Locomotive and the Railway. — Statistics or 
United States Railroads. — Speed or Trains. — Railroad Credits. 
— Street Railways op the "World. — The Interstate and State 
Railroad Commissioners. 



Chapter X. 

Page 

FOREIGN EXCHANGE AND COMMERCE 118-129 



Sterling Exchange : Its Origin, and Intrinsic and Commercial Basis.— 
Parity op Exchange and the Gold Shipping Points —Highest and 
Lowest Quotations and Review op the Market for Ten Years. 

Imports, Exports, and Balance op Trade, 1861-1887. 

Shipbuilding, Tonnage, and Carrying Trade op the United States, 
1882-1887. — Remarks on American Shipping and Early Steam Vessels. 
— The Principal Ocean Steamers. — Rapid Transatlantic Passages. 
— Distances by "Water from New York to Principal Ports of the 
World. — Amount of Coal consumed by Ocean Steamers. — Design at 
ing Marks of Transatlantic Lines. 



Chapter XL 

Page 

LAND AND AGRICULTURE . 130-139 



Acquisitions and Total Area of the Territory of the United States. 
— Areas of the States in Square Miles. 

Grants of Public Lands by Congress to States and Railroads. 

Farms of the United States. — Total Acreage, Improved and Unim- 
proved. 

Immigration. — Total Arrivals, 1820 to 1837. — Arrivals by Countries. 
— Proportion of Total European Emigrants received by United 
States. 

Agricultural Products. — Total Production of Staples for Five 
Years. —Highest and Lowest Chicago Wheat and Corn Prices, 
1877-87. — Wheat Crops of the World. 

Cotton. — Total United States Crops. —Exports and Consumption, 
1841-87. — Cotton Prices, 1826 to 1887, by Years. — Consumption of 
the World. — Manufacture in the United States. 

Wool. — Product of the United States, 1882-86. 



Vlll CONTENTS. 



Chapter XII. 

Page 

COAL AND IRON IN THE UNITED STATES, . . . U0-U9 



Discovert and Eablt History of Coal. — Early Production of Pig Iron. 
— Progress op Steel Manufacture. — Manufacture of Iron and 
Steel Rails. — Iron Shipbuilding. — Coal Statistics, 1830-1887. — Pig- 
Iron Statistics, 1854-1887. — Steel and Steel Rails Statistics, 1880- 
1887. — Imports and Exports, Iron and Steel, 1879-1887. — Furnaces- 
of the United States. 



Chapter XIII. 

Page 

ELECTRICAL DEVELOPMENT 150-166 

Telegraph Statistics of the United States and of the World.— 
Cable Systems of the World — Their Capitalization, Length, 

ETC. 

Telephone Systems of the United States and of the World. — Miles 
of Wire, Exchanges, Subscribers, Telephones in Use, etc 

The Electric Light. — Capital Invested in Manufacturing and in 
Local Plants in the United States. — Growth of Electric Lighting 
since 1880. — Its Cost as compared with Gas.— Electric Lighting 
of Railway Trains, etc. 

Electric Railways. — Systems in Use. — Electric Railway Systems of 
Europe and the United States, and their Physical and Finan- 
cial Details. 

Chronology of Electrical Science from 1600 to 1886. 



Chapter XIV. 

Page 

BOSTON STATISTICS, 167-177 

Valuation, Debt, Appropriation, and Tax Rate, by Years. — Building 
permit8 issued. — passenger travel in and our of boston. — 
Travel to New York. — Travelling Distances from Boston. — 
Sailing Distances. — Shipping Arrivals. — Leather and Wool Sta- 
tistics. 



CONTENTS. IX 



Chapter XV. 

Page 

MISCELLANEOUS STATISTICS, 178-194 



Copper. — Product op the "World, Chili, and the United States. — 
Product op Lake Superior Mines. — Prices Ingot Copper, etc. 

Petroleum. — Its Early History. — American Production. — Exports. 
— Prices, etc. 

Business Failures, 1877-87. 

Fire Insurance Statistics. — Life Insurance Business. 

Population op Cities op the World above 200,000. 

Investors' Stock and Bond Tables. 

Interest. — Laws governing Rates, and Statutes op Limitation. — 
Days op Grace and Damages. — Legal Holidays. — Rules por cal- 
culating Interest. — Increase op Money at Simple and Compound 
Interest. 

Business Law in Daily Use. — Franklin's Business Maxims. 



THE OUTLOOK. 



Rarely has the nation presented so peaceful an outlook 
in financial and industrial affairs as during 1887. But 
three features in the situation appear to call for public 
discussion : the inauguration of inter-state commerce 
legislation, the labor agitation, and the proper disposal 
of the government surplus. 

With the latter only has the Maverick National Bank 
to treat, but it cannot forbear the expression of opinion 
concerning the other two features, that in the end the 
wisdom of the American people will be justified and our 
ability as a nation to amalgamate all peoples and creeds 
will not be found wanting. Labor will have its due re- 
ward and its just share in our national prosperity, and 
capital, whether in lands or railroads, will have just pro- 
tection. We believe in the nation and the credit of the 
nation, and therefore believe in the people and a govern- 
ment of the people ; we believe in progress and in " good 
times " for all honest labor of brain and hand. 

The treasury surplus question presents to the Maverick 
National Bank patrons a problem of immediate interest. 



MAVERICK NATIONAL BANK. 



The tenor of the administration and of public senti- 
ment is to legitimately restrict the operations of the 
government ; to involve it in no new or hazardous enter- 
prises calling for public funds ; to maintain peace with 
all nations, relying upon the spirit of patriotism and 
national unity of a people now rising sixty millions in 
population, — the richest, strongest, and most united 
nation in the world, — rather than upon fortifications and 
idle armies, as security for its national peace ; to meet 
promptly the expenses of a past internal strife, including 
pension bounties and all just claims ; and to apply the 
swelling balances of the national treasury to the imme- 
diate extinguishment of the public debt. 

The United States is the only government in the world 
that pays its debts at a premium. After the Mexican war 
the government bought up its bonds — some of which had 
sold at a discount — in open market at the current rate of 
premium, and July 30, 1853, an offer was made to pur- 
chase loans not falling due until 1867 and 1868, at 
twenty-one per cent, premium. Up to 1857 the govern- 
ment paid eight millions premium in redeeming fifty-three 
millions of debt. 

Since the war the government has had two and a half 
billions of debt to readjust, and in refunding this debt it 
has been able to so arrange it as to make it within the 
power of the government to pay a large proportion of it 
at will. 

iSow rises the question of paying the last billion of the 
debt, one-quarter of which, running at four and a half 
per cent., falls due in 1891, and three-quarters of which, 



MAVERICK NATIONAL BANK. 



running at four per cent., does not fall within government 
control as to payment until 1907. We speak of the debt 
of the United States as in round numbers one billion 
dollars ; but is this really all ? Does not the government 
owe the interest as well as the principal? The govern- 
ment is not a trading or mercantile institution. It has 
not even the advantage of an investor, who, with a loan 
running at a low rate of interest and on long time, can 
take advantage of a higher outside rate to make tempo- 
rary profitable investments. Here is really what the 
government owes : — 



Rate. 


Principal. 


Years 
to Run. 


Interest 
to Redemption. 


Four and a half per cents, 

Four per cents, 


$250,000,000 00 
738,000,000 00 


4 
20 


$45,000,000 Ov. 
590,000,000 00 


Totals, 


$988,000,000 00 


- 


$635,000,000 00 



Principal owed, . 
Interest to accrue, 



Total to pay. 



$988,000,000 00 
635,000,000 00 

$1,623,000,000 00 



It will readily be seen from this table that the main 
problem lies in the $738,000,000 of four per cent, bonds 
which have twenty years to run, and upon which the 
government is under contract to pay $590,000,000 of 
interest, or eighty per cent, upon each bond. 

Elsewhere in this volume we present for a series of 
years full statistics of the government surplus, its rev- 
enues, appropriations and expenditures, and from these 
it may be seen that the government surplus averages 



MAVERICK NATIONAL BANK. 



$101,000,000 a year. In the last seven years it was $707,- 
000,000. A surplus of about $100,000,000 must accumu- 
late each year under existing laws. This is more than 
one-tenth of all the money in the hands of the people. 
Congress has provided for a sinking fund in which about 
$50,000,000 of this surplus must be invested by purchase 
of bonds. Future reductions in revenue may reduce the 
other half of the surplus, but so long as it accumulates it 
must be put back into the channels of business ; and there 
are only three ways for this : distribution by gift, distri- 
bution through government works, or distribution by 
payment of the debt before maturity. Our policy is, and 
will continue to be, — Pay the debt. 

It should not be forgotten that each $1,000 four per 
cent, bond represents a government debt of $1,800, or 
eighty per cent, of interest as well as the principal ; and 
any less price to the government is interest discount, of 
which the government has the advantage when purchasing 
its bonds in the open market. Not until government 
bonds sell above principal and interest can the govern- 
ment be a loser by their purchase for the sinking fund or 
for debt cancellation. 

The Maverick National Bank has sold more than $200,- 
000,000 of the four per cent, bonds, and retains its faith 
in them as an investment. 



CHAPTER I. 



HISTORICAL SKETCH OF THE NATIONAL DEBT. 



Early Debts. — Early Government Loans (1803-1837). — Division of the Surplus 
of 1836. — Government Loans (Second Period, 1837-1861). — Fluctuations 
of the Debt (1837-1861) . — Government Loans (Third Period, 1861-1881). 
Annual Reduction of the Debt (1865-1887). — Analysis of Public Debt.— 
U. S. Bond Calls (1871-1887). — Bonds Owned by National Banks. — Annual 
Receipts, Expenditures, Interest Payments, and Surplus of United States 
(1860-1887).— Annual Appropriations made by Congress (1877-1887).— 
Debt Statement, June 1, 1887. 



Early Debts. 

The treasury department, under Alexander Hamilton, 
was established in 1789. A year later the government 
assumed debts as follows : — 

Domestic debt of the confederation, .... $40,256,802 

Debts of the individual States, 19,962,219 

Foreign debts, 12,556,874 

Total, • . $72,775,895 

Until 1811, the government depended chiefly on customs 
revenues for support. There was also a nominal internal 
revenue tax for eleven years after the adoption of 
the Constitution, but the receipts from it during that 
time aggregated only about $6,000,000. The public debt, 
therefore, which on Jan. 1, 1791, stood at $75,463,476, 
rose to $86,427,120, on Jan. 1, 1804. From 1806 it 
steadily decreased, until, on Jan. 1, 1812, it amounted to 
but little over $45,000,000. 



MAVERICK NATIONAL BANK. 



Early Govi»xment Loans (1803-1837) 

Meantime, the government in 1803, had placed a loan 
of 813,000,000 to provide for the purchase of Louisiana. 
In 1812, the war with Great Britain heavily reduced its 
revenue from customs, and at the same time greatly 
increased its expenses. To meet this emergency, the 
government borrowed, in 1813, 816,000,000 in twelve-year 
six per cent, scrip, at an average price of 88. The unfa- 
vorable terms were due to the fact that Congress did not 
lay sufficient revenue to insure prompt payment of interest, 
and that the Federalists were opposed to the war, and 
refused to loan money to its support. Internal taxes 
were resorted to as a war necessity, but were removed 
in 1817. The suspension of specie payment in 1814, 
owing to the reckless issue of circulation by the new 
State banks, forced the treasury to receive payment for 
the bonds, already issued at a discount, in State bank 
notes much depreciated in value. 

Daring President Jackson's administration, between 
1829 and 1835, the entire public debt was paid off, 
leaving an available balance in the treasury, Jan. 1, 
1835, of 85,586,352. In 1836, the government found 
itself in possession of a surplus of over $40,000,0(1'), 
arising chiefly from the sale of public lands. After much 
debating, Congress in the same year passed an act pro- 
viding for the transfer of all moneys in the treasury over 
$5,000,000 to the several States, at a rate proportioned 
to their congressional representation. The sum thus 
designated, amounting to 837,468,859, was to be paid i:i 
four quarterly instalments, in January, April, July :m<l 
October, 1837 ; provided the States authorized their 
treasurers to accept the loan, and promised to refund the 
money on demand of the government. Three instalments 
were paid, in January, April and July, 1837. In a few cases 



MAVERICK NATIONAL BANK. 



the States refused to accept the loan on the prescribed 
terms. The actual sum paid out was $27,063,430. The 
fourth instalment was postponed by act of Congress until 
Jan. 1, 1839, on account of the stringency of money 
following the panic of 1837, and of a deficiency of from 
six to ten millions between government revenues and 
expenditures for the year. The payment of the balance 
was afterward postponed indefinitely. The money act- 
ually paid the States has never been recalled, authority 
never having been given by Congress, nor has the last 
instalment been paid. 



Government Loans (Second Period, 1837-1861). 

In 1842, after five years of financial depression, the 
government issued a twenty-year six per cent, loan of 
$8,000,000, at par. In 1847, a loan of $18,000,000, for 
twenty years at six per cent, was floated at 100^ to 
102, of which Boston capitalists took $7,000,000 ; 
and in the following year a second issue of $16,000,- 
000 on the same terms, 103.02 at 103.55, was made, 
Corcoran & Riggs of Washington taking $14,000,000 
at the former rate. These two loans were on account of 
the Mexican war ; and the latter brought a higher price, 
because issued after peace was declared. In 1843 and 
1846, small ten-year six per cent, loans were made ; and 
one called the Texas Indemnity Loan, of $5,000,000 
fifteen-year five per cent, bonds, in 1850. 

Within a few years after these issues, treasury funds 
began to increase rapidly, and the government began to 
repurchase its securities, which had risen considerably 
above par, at a premium. Until July 1, 1853, these 
purchases were made at current market prices ; but on 
July 30, 1853, a public offer was made to redeem at the 
treasury between that time and Dec. 1, 1853, $5,000,000 



8 



MAVERICK NATIONAL BANK. 



of the 1867 and 1868 loans at twenty-one per cent, pre- 
mium ; and on August 2, to redeem $2,000,000 of the 
1856 and 1862 loans at eight and a half and sixteen 
per cent, premium, respectively, with interest from July 1. 
By various renewals of these offers at different rates of 
premium the debt was reduced from $78,797,816 in 1851, 
to $25,165,154, on Oct. 1, 1857. In addition to the pay- 
ment of $53,632,662 of principal, the government paid 
$8,000,000 in premiums, averaging from twelve to fifteen 
per cent., — the only instance on record of a nation's 
redeeming its obligations at a bonus before maturity. 

The following table shows the amount of government 
indebtedness in each year from 1791 to 1850 : — 



Year. 


Amount. 


Year. 


Amount. 


1791, .... 


$75,463,476 


1821, .... 


$89,987,427 


1792, . 








77,227,924 


1822, . 








93,546,676 


1793, . 








80,352,634 


1823, . 








90,875,877 


1794, . 








78,407,404 


1824, . 








90,269,777 


1795, . 








80,447,587 


1825, . 








83,788,432 


1796, . 








83,762,172 


1826, . 








81,054,059 


1797, . 








82,064,479 


1827, . 








73,987,357 


1798, . 








79,228,529 


1828, . 








67,475,043 


1799, . 








78,408,669 


1829, . 








58,421,413 


1800, . 








82,976,294 


1830, . 








48,565,406 


1801, . 








83,038,050 


1831, . 








39,123,191 


1802, . 








80,712,632 


1832, . 








24,322,235 


1803, . 








77,054,686 


1833, . 








7,001,698 


1804, . 








86,427,120 


1834, . 








4,760,082 


1805, . 








82,312,150 


1835, . 








37,513 


1806, . 








95,723,270 


1836, . 








336,957 


1807, . 








69,218,390 


1837, . 








3,308,124 


1808, . 








65,196,317 


1838, . 








10,434,221 


1809, . 








57,023,192 


1839, . 








3,573,343 


1810, . 








53,173,217 


1840, . 








5,250,875 


1811, . 








48,005,587 


1841, . 








13,594,4S0 


1812, . 








45,209,737 


1842, . 








20,601,226 


1813, . 








55,962,827 


1843, . 








32,742,922 


1814, . 








81,487,846 


1844, . 








23,461,652 


1815, . 








99,803,660 


1845, . 








15,925,303 


1816, . 








127,334,933 


1846, . 








18,550,202 


1817, . 








123,491,965 


1847, . 








38,826,534 


1818, . 








103,466,633 


1848, . 








47,044.862 
63,061,858 


1819, . 








95,529,648 


1849, . 








1820, . 




91,015,566 


1850, .... 


63,452,773 



MAVERICK NATIONAL BANK. 



Annual Reduction and Amount of Public Debt, 

1848-1857. 



Date. 


Debt. 


Reduction. 


Period of Reduction. 


July 1, 1851, 


$78,797,816 


_ 


_ 


July 1, 1852, 


72,401,087 


$6,396,729 


Prior to July 1, 1852. 


July 1, 1853, 


67,340,628 


5,060,458 


1 year. 


July 1, 1854, 


47,242,206 


20,093,422 


1 year. 


July 1, 1855, 


40,583,631 


6,658.574 


1 year. 


July 1, 1856, 


32.737,562 


7,846,068 


1 year. 


July 1, 1857, 


29,060,386 


3,677,175 


1 year. 


Oct. 1, 1857, 


25,165,164 


3,895,232 


4 months. 



After the panic of 1857, the debt began to increase 



again, with the following results : 



Balance of debt Oct. 1, 1857 

Issue of 1 year Treasury notes in 1857, .... 
Issue August, 1858, and January, 1859, of 5$ bonds due 1874, 
Issue 1860, b$ bonds due 1870, ' 



$25,165,154 

20,000,000 

20,000,000 

7,022,000 



Total debt Jan. 1, 1861 $72,187,154 

The loan of $10,000,000 of August, 1858, brought from 
104£ to 107.03, and the $10,000,000 issued in January, 
1859, an average of 102§. The 5s of 1860 brought 100 
to 101. The Merchants' Bank of Boston took $300,000 
between 100 and 100^-, and the Provident Institution for 
savings, $200,000 at 100|. In December, 1860, $2,000,- 
000 of treasury notes were awarded, mostly at the rate 
of twelve per cent, per annum. 

Government Loans (Third Period, 1861-1887). 
On Feb. 23, 1861, $8,000,000 twenty-year six percent, 
bonds, due 1881, were issued at an average of 90.15. 
During the summer, $109,700,000 of the same bonds were 
awarded, with $139,315,350 7-30 three-year bonds, which 
were eventually converted into sixes of 1881, and 
$60,000,000 of demand notes payable in gold. Shortly 
afterward, $35,364,450 treasury notes, one-third for sixty 
days, balance two years, were issued at six per cent, 
interest. Then came the suspension of specie payments, 
Dec. 30, 1861, and the $500,000,000 5-20 loan in 1862 
and 1863, which was subscribed for at par in denomina- 
tions ranging from $50 upward. From that time forward 



10 



MAVERICK NATIONAL BANK. 



to Jan. 20, 1871, numerous loans, for long and short 
periods, were effected. The following table gives a 
complete list of bonds and other securities issued on 
account of the war : — 



Bonds and other Securities Issued, 

1861-1871. 







When 


Eate 




Authorizing Acts. 


Forms. 


Redeemable. 


per cent. 


Amount. 


Feb. 8, 1861, . 


Bonds. 


Dec. 31,] 880. 


6 


18,415,000 


March 2, 1861, . . j 


Treas. notes. 


2yrs. fm. dte. 
60 days" " 


6 
6 


22,468,100 


July 17, 1861, ! 


Bonds. 


July 1, 1881. 


6 


50,000,OOU 


Bonds in ex- 








Aug. 5, 1861, f 


change for 
Treas. notes. 


July 1, 18S1. 


6 


139,321,200 


July 17, 1861, ) 










Aug. 5,1861,| 


Treas. notes. 


Demand. 


none. 


60,000,000 


Feb. 12, 1862, ) 










July 17, 1861, . . j 


Treas notes. 
7-30'sof 1861. 


Aug. 19 and 
Oct. 1, 1864. 


7 3-10 


140,094,750 


Feb. 25, IS 62, ) 
March 3, 1864, \ 


Bonds, 5-20's 
of 1862. 


May 1, 1867. 


6 


514,771,600 


Jan. 28, 1S65, ) 








Feb. 25, 1862, ) 
July 11, 1862, [ 


Legal tender 
notes. 


Demand. 


none. 


915,420,031 


March 3, 1863, ) 








Feb. 25, 1862, S 










March 17, 1862, 1 


Temporary 


After 10 


4,5, 


150,000,000 


July 11, 1862, f 


Loan. 


days' notice. 


and 6. 


June 30, 1864, J 










March 1, 1862, ) 


Certificates 


1 year 

after date. 






May 17, 1862, \ 


of 


6 


561,753,241 


March 3,1863,) 


Indebtedness. 








March 3, 1863, / 
June 30, 1864, J 


Bonds, 6's of 
1881. 


July 1, 1881. 


6 


75,000,000 


March 3, 1863, . 


Treas. notes 


lyr. fm. date. 


5 


44,520,000 


March 3, 1863, . 


Treas. notes. 


2 yrs. fm. dte. 


5 


166,480,000 


March 3, 1863, . 


Coin certif's. 


Demand. 


none. 


562,776,400 


March 3,1863, . . j 


Compound 
interest notes. 


June 10, 1867. 
May 15, 1868. 


6c'mp'd 


266,595,440 


March 3, 1864, . 


Bonds, 10-40' s 


March 1,1874. 


5 


196,117,300 


March 3, 1864, . . j 


Bonds, 5-20's 
of Mar. '64. 


Nov. 1, 1869, 


6 


3,882,500 


Juno 30,1864, . . j 


Bonds, o-20'e 
of June, 1864. 


Nov. 1, 1869, 


6 


125,561,300 


.Tune 30, 1864, * 
March 3, 1865, \ 


Treas. notes. 


Aug. 15, 1867. 
June 15, 1S68. 
July 15, 1868. 


7 3-10 


829,992,500 


r 


5-20's of 1S65. 


Nov. 1, 1S70. 


6 


203,327,250 




Bonds, Con- 








March 3, 1865, 1 J 
April 12, 1866, j ' ~\ 


sols of 1865. 
Bonds, Con- 
sols of 1867. 
Bonds, Con- 


July 1,1870. 
July 1,1872. 


6 

6 


332,998,950 
379,616,050 


I 


sols of 1868. 


July 1, 1873. 


6 


42,539,350 


March 3, 1867, ) 
July 25, 1868, \ 


3 per cent 
certificates. 


Demand. 


3 


85,150,000 


July 14, 1870, j J 


Bonds, 5's 
of 1881. 


May 1,1881. 


5 


412,306,450 


Jan. 20,1871, * \ 


Bonds. 


Sept. 1, 1891. 


*X 


250,000,000 


I 


Bonds. 


July 1,1907. 


4 


738,768,550 



MAVEKICK NATIONAL BANK. 



11 



Highest and Lowest Prices of United States 
Securities, 1861-1887. 

[Currency Values.] 





6s OF 1881. 


6s (5-20 Years), Coupon. 


co 

M 

1 


Coup. 


Keg. 


1862. 


1864. 


1865. 


1865, new. 


1867. 


H. | L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


H. 


L. 


1861, . 
1862, . 

1863, . 

1864, . 

1865, . 

1866, . 

1867, . 

1868, . 
1S69, . 

1870, . 

1871, . 

1872, . 

1873, . 

1874, . 

1875, . 

1876, . 

1877, . 

1878, . 

1879, . 

1880, . 
18S1, . 
1882, . 


955 
107! 

nog 

118 

H2| 

1141 

113 \ 

118$ 

125 

118| 

1192 

120| 

1231 

1221 

1261 

124| 

1151 

1103 

107| 

107! 

1064 


83 
87^ 
91| 
104 
103| 
103^ 
106 i 

iosg 

111 
H2| 

iio| 

115! 

1114 
117 
118^ 
117 

1091 
105| 
103! 
1031 
lOOg 


125 

117! 
119 
120| 
1231 
123| 
1141 


109 

112J 
109| 
1158 
118 
112! 
106! 


115! 
115! 
115! 
125! 
1164 
1151 
H6g 
118| 
1181 
118! 


ioog 

106! 

105| 

1111 

107 

1088 

109! 

1054 

110! 
114! 


Ill 

iio| 

112! 
124| 
116 
1151 

1164 
1204 
1201 
121 


ioii 
1044 

104! 
107| 
106! 

10*3 
liof 

1061 
113 
1141 


112 
1111 

1241 
1161 

116 
116] 
120 i 
121! 

122! 
1184 

1051 


99! 

101! 
1104 

106! 
108 

1108 

107g 

1111 
1154 
1084 

102! 


Ill 

1228 

114! 

115 

1174 

120! 

121 

1241 

121 

nil 


98| 

1075 

106! 

107 

1091 

109! 

1144 

1171 

1118 

105 


109 

114| 

1222 

1143 

1151 

1184 

1203 

122 

1254 

123! 

114| 

108| 


106! 
1058 

1063 

1078 
107! 

Hi! 
no 

115 
1181 

1144 

1063 

1044 





6s (5-20) 


5s (10-40 Years). 


5s of 1881. 


Currency 


4%s of '91. 


4s of 1907. 




Coupon. 




1864. 




Funded. 


6s, 1898. 


Funded. 


Funded. 


to 

C5 

< 


1868. 


Coup. 


Reg. 


Coup. | Eeg. 


Coup. 


Coup. 


>H 


H. | L. 


H. 


L. 


11. 


L. 


11. 


L. I II. L. 


II. 


L. 


11. | L. 


1864, . 


_ 


_ 


1034 


924 






















1S65, - 


- 


- 


1023 


89! 


- 


- 


- 


- 


- 


- 


- 


_ 


_ 


_ 


1866, . 


- 


- 


103! 


90 






















1867, . 


- 


- 


104 


974 






















1868, . 


1121 


107 


1091 
120! 


100* 






















1869, . 


1221 


107! 


105 






















1870, . 


115 


108 


114 


104! 


_ 


_ 


_ 


_ 


114! 


1091 


_ 


_ 


_ 


_ 


1871, . 


116 


1073 


1148 


1073 


_ 


_ 


_ 


_ 


1165 


no 


_ 


_ 


_ 


_ 


1S72, . 


1175 


Hi! 


1138 


1075 


111? 


106? 


1135 
116! 


1075 


1161! Ill 


_ 


_ 


- 


_ 


1873, . 


1203 


1091 


1154 


105 


1151 


103.1 


106} 


116! 108 


- 


- 


_ 


_ 


1874, . 


121 J 


116 


116j| 


in! 


1151 


1093 


117 


111 


119 


114 


_ 


_ 


- 


_ 


1875, . 


1254 


118 


119! 


113! 


1181 


113! 


119 


1138 


125! 


117* 


- 


- 


_ 


_ 


1876, . 


124! 


1164 


121! 


ill* 


119! 


112 


119 


nog 


123 


1203 


_ 


_ 


_ 


_ 


1877, . 


1174 


1091 


1143 


107g 


114! 


106j{ 


112f 


105! 


126 


118 


112 


103! 


109 


ioi! 


1878, . 


in! 


1001 


109jj 


1033 


- 


- 


1073 


1021 


1221 


117! 


105! 


1013 


102! 


99! 


1879, . 


- 


- 


- 


- 


- 


- 


107A 


1014 


128 


1193 


108 


104 


1031 


99 


18S0, . 














104! 


101! 


130 


125 


112* 


106! 


113* 


103 


1881, . 


- 


- 


- 


- 


- 


- 


105 


100! 


135 


1271 


115g 


no! 


1183 


mi 
1174 


1882, . 


- 


- 


- 


- 


- 


- 


- 


- 


135 


131 


1164 


1123 


1215 


1S83, . 


















1364 


1311 


115 


112jj 


125 


118* 


1884. . 






















1143 


no 


124| 
124§ 


118* 


1880, . 


- 


- 


- 


- 


- 


- 


- 


- 


- 


- 


1131 


112 


121 j? 


1386, . 






















114 


1093 


129g 


123 



12 



MAVEEICK NATIONAL BANK. 



I860; Coupon 6s of 1868, H., 109£, L., 96; Coupon 
5s of 1874, H., 104£, L., 89 ; 1861, H., 98, L., 86 ; H., 
97, L., 75; 1862, EL, 107|, L., 85; H., 97£, L., 78; 
1863, Coupon 5s of 1874, H., 101, L., 85J. 

1882; 5s of 1881, continued at 3£%, H., 103§, L., 
100i; 3s, option, II., 103$, L., 101J. 

1883, 3s, option, II., I 04^, L., 100^ ; 1884, H., 10H, 
L., 100 ; 1885, H., 105, L., 101 ; 1886, H., 102£, L., 100. 

On Sept. 1, 1865, the total debt was at its highest 
point, amounting to $2,757,689,571. Its retirement was 
at once begun, and the total amount on Dec. 1, 1870, 
had been reduced to $2,334,308,494. This reduction has 
since gone on steadily each year up to the present time, 
as will be seen by the following table : — 



Annual Amount and Reduction of Public Debt, 

1865 to 1887. 









Period of 


Date. 


Debt. 


Reduction. 


Reduction. 


Sept. 1, 1865, 


$2,757,689,571 


_ 


_ 


Sept. 1, 1S66, 






2,595. 63S.168 


$102,051,403 


1 year. 


Mar. 1, 1867, 






2,530,763,889 


64,874,278 


6 months. 


Mar. 1, 1S68, 






2,528,113,575 


2,6)0,314 


1 year. 


Mar. 1, 1869, 






2,525,463,260 


2,650,315 


1 year. 


Mar. 1, 1370, 






2,438,S28,477 


87,134,782 


1 year. 


Jan. 1, 1871, 








2,332,067,793 


106,260,683 


9 months. 


Jan. 1,1872, 








2,243,833,411 


88,223,382 


1 year. 


Jan 1, 1873, 








2,162,252,338 


81,58 ,073 


1 year. 


Jan. 1,1874, 








2,159,315,326 


2,937,011 


1 year. 


Jan. 1, 1875, 








2,142,598,312 


16,717,024 


1 year. 


Jan. 1, 1876, 








2,119,832,195 


22,766,106 


1 year. 


Jan. 1, 1877, 








2,092.921,241 


26,910,953 


1 year. 


Jan. 1, 1878, 








2,045,955,442 


46,965,799 


1 year. 


Jan. 1,1879, 








2,028,648,111 


17,307,331 


1 year. 


Jan. 1,1880, 








2,011,798/04 


16,849,606 


1 year. 


Jan. 1,1881, 








1,899,181,735 


112,616,768 


1 year. 


Jan. 1, 1S82, 








1.765,491,717 


133,690,018 


1 year. 


Jan. 1,1883, 








1,6117,543,676 


157,948,040 


1 year. 


Jan. 1, 1834, 








1,498,041,723 


109,501,953 


1 year. 


Jan. 1,1885, 








1,418,548,371 


79,493,352 


1 year. 


Jan. 1,1886, 








1,344,776,204 


73,772,167 


1 year. 


Jan. 1,1837, 


*1,341 ,984,495 


*2, 791,709 


1 year. 



Actual reduction, $101,473,403, explained on next page. 



MAVERICK NATIONAL BANK. 



13 



The apparently small reduction of the debt during 
1886 is due to the new form of official statemeut, caused 
by including the Pacific Railroad bonds, amounting to 
$64,623,512, as part of the public debt, and charging off 
the fractional silver currency in the treasury, which had 
hitherto been reckoned as an available asset. These 
changes make the debt appear nearly $100,000,000 larger 
than shown in the amount given above for 1885. The 
actual reduction for 1886 was $101,473,408. 

The following table gives full details of the national 
debt from 1860 to 1887 : — 



Analysis of the Public Debt op the United States, 

From July 1, I860, to July 1, I88«. 



[000,000 omitted.] 



Year 


3 


3 1-2 


4 


4 1-2 


5 




. 7 3-10 


Total 


ending 
June 30 


per cts. 


per cts. 


per cts. 


per cts. 


per cts. 


per cts. 


per 
cents. 


interest 

bearing 

debt. 


1S60, . 


_ 


_ 


_ 


_ 


$43 


$21 


_ 


$64 


1861, . 


- 


- 


- 


- 


33 


57 


- 


90 


1862, . 


- 


- 


$57 


- 


30 


154 


$122 


365 


1863, . 


- 


- 


105 


- 


30 


431 


139 


707 


1864, . 


- 


- 


77 


_ 


300 


842 


139 


1,359 


1865, . 


- 


- 


90 


_ 


245 


1,213 


671 


. 2,221 


Aug.31 


















1S65, . 


- 


- 


- 


- 


269 


1,281 


830 


2,381 


1866, . 


- 


- 


121 


- 


201 


1,195 


813 


2,332 


1867, . 


- 


- 


17 


- 


198 


1,543 


488 


2,248 


1868, . 


$64 


- 


- 


- 


221 


1,878 


37 


2,202 


1869, . 


66 


- 


- 


- 


221 


1,874 


- 


2,162 


1870, . 


59 


- 


- 


- 


221 


1,765 


- 


2,046 


1871, . 


45 


- 


- 


- 


274 


1,613 


- 


1,934 


1872, . 


24 


- 


- 


- 


414 


1,374 


- 


1,814 


1873, . 


14 


- 


- 


- 


414 


1,281 


- 


1,710 


1874, . 


14 


- 


- 


- 


510 


1,213 


- 


1,738 


1875, . 


14 


- 


- 


- 


607 


1,100 


- 


1,722 


1876, . 


14 


- 


- 


- 


711 


984 


- 


1,710 


1877, . 


14 


- 


- 


$140 


703 


854 


- 


1,711 


1878, . 


14 


- 


98 


240 


703 


738 


- 


1,794 


1879, . 


14 


_ 


741 


250 


508 


283 


- 


1,797 


1880, . 


14 


- 


739 


250 


484 


235 


_ 


1,723 


1881, . 


14 


_ 


739 


250 


439 


196 


_ 


1,630 


1882, . 


14 


$460 


739 


250 


_ 


_ 


_ 


1,463 


1883, . 


318 


32 


737 


250 


_ 


_ 


_ 


1,338 


1884, . 


238 


- 


737 


250 


_ 


_ 


_ 


1,226 


1885, . 


208 


_ 


737 


250 


_ 


_ 


_ 


1,196 


1886,* . 


158 


- 


737 


250 


- 


- 


- 


1,210 



See explanation of change in debt statement above. 



14 



MAYERICK NATIONAL BANK. 



Analysis of the Public Debt of the United States 

— Continued. 
[000,000 omitted.] 



Y x ear 

ending 
June 30 


! Annual 
'Interest 
i charge. 
1 


i Debt on 
which In- 
terest has 
ceased. 


Debt 

bearing 

no 
Interest. 


Out- 
standing 
Princi- 
pal. 


Cash in 
Treas- 
ury 
July 1. 


Total 

debt less 

cash in 

Treasury. 


Debt 

per 

capita. 


Interest 

per 
capita. 


I860, . 


$3 


_ 


_ 


$64 


$4 


$59 


$1 91 


$0 11 


1861, . 


5 


- 


- 


90 


2 


87 


2 74 


16 


1862, . 


22 


- 


$158 


524 


18 


505 


15 45 


67 


1863, . 


41 


- 


411 


1,119 


8 


1,111 


33 31 


1 25 


1864, . 


78 


- 


455 


1,815 


106 


1,709 


50 21 


2 32 


1865, . 


137 


$1 


458 


2,680 


5 


2,674 


76 98 


3 97 


Aug.31 


1 
















1865, . 


150 


1 


461 


2,844 


83 


2,756 


78 25 


4 29 


1866, . 


146 


- 


439 


2.773 


137 


2,636 


74 32 


4 12 


1867, . 


138 


1 


428 


2,678 


169 


2,508 


69 26 


3 84 


1868, . 


128 


1 


403 


2,611 


130 


2,430 


67 10 


3 48 


1869, . 


125 


5 


421 


2,588 


155 


2,432 


64 43 


3 32 


1870, . 


118 


3 


430 


2.4S0 


149 


> 2,331 


60 46 


3 08 


1871, . 


111 


1 


416 


2,353 


106 


2,246 


56 81 


2 83 


1S72, . 


103 


7 


430 


2,253 


103 


2,149 


52 95 


2 56 


1873, . 


98 


51 


472 


2,234 


129 


2,105 


50 49 


2 35 


1874, . 


98 


3 


509 


2,251 


147 


2,104 


49 10 


2 31 


1875, . 


96 


11 


498 


2,232 


142 


2,090 


47 44 


2 19 


1876, . 


95 


3 


465 


2,180 


119 


2,060 


45 48 


2 10 


1877, . 


93 


16 


476 


2,205 


186 


2,019 


43 31 


2 00 


1878, . 


94 


5 


455 


2,256 


256 


1,999 


41 67 


1 97 


1S79, . 


83 


37 


410 


2,245 


249 


1,996 


40 42 


1 69 


1880, . 


79 


7 


3S3 


2,120 


201 


1,919 


38 26 


1 58 


1881, . 


75 


6 


422 


2,0G9 


249 


1,819 


35 22 


1 45 


1S82, . 


57 


16 


438 


1,918 


243 


1,675 


31 72 


1 09 


1883, . 


51 


7 


533 


1,884 


345 


1.538 


23 41 


95 


1884, . 


47 


19 


584 


1,830 


391 


1,438 


25 89 


86 


1885, . 


47 


4 


663 


1,863 


4SS 


1,375 


24 14 


83 


1886,* . 


49 


9 


536 


1,783 


m 


1,290 


22 09 


84 



See explanation of change in debt statement on preceding page. 



Note. — The annual interest charge is computed upon the amount of out- 
standing principal at the close of the fiscal year, and is exclusive of interest 
charge on Pacific Railway Bonds. 

1. Five and six per cent, bonds issued under Acts of July 17 and August 5, 
1S61, March 3, 1863, July 14, 1870, and January 20, 1871, continued at thre 
and a half per cent. 

2. The Temporary Loan, per Act of July 11, 1862, is included in the four per 
cents, from 1S62 to 1S6S inclusive, with the exception of the amount outstanding 
for August 31, 1865, this being the date at which the public debt reached its 
highest point. This loan bore interest from four per cent, to six per cent., and 
was redeemable on ten days' notice after thirty days, but being constantly 
changing, it has been considered more equitable to include the whole amount 
outstanding as bearing four per cent, interest on an average for the year. 



MAVERICK NATIONAL BANK. 



15 



The following table shows the amount of Government 
bonds owned by the National banks, including those 
pledged at the Treasury to secure circulation and public 
deposits : — 

United States Bonds owned by National Banks. 

[000,000 omitted.] 





Held as Security for 


Circulation. 


Held 
for other 
pur- 
poses. 




DATE. 


6 per ct. 
Bonds. 


5 per ct 
Bonds* 


4 1-2 per 
ct. Bonds. 


4 per ct. 
Bonds. 


Total. 


Grand 
TotaL 


July 1, 1882, 


$25 


$202 

( 7 

\ 3#bonds 

( 200 

172 


$32 


$97 


$357 


$43 


$400 


July 1, 1883, 
July 1, 1885, 


: 


I 39 

46 


104 
111 


363 
330 


34 
31 


387 
361 




Pacifies. 














July 1, 18«5, 


3 


142 


48 


117 


312 


32 


344 


July 1, 1886, 


3 


107 


50 


114 


275 


31 


307 


Nov. 1, 1886, 


3 


69 


57 


115 


245 


32 


271 


May 1, 1887, 


3 


20 


64 


114 


202 


32 


234 



* Continued at 3{t. 



Comparison of Capital and U. S. Bonds owned by 
National Banks, 1866 and 1886. 



Jan. 1866. 



Oct. 1886. 



Banks, . 
Capital, 
Bonds owned, 
Circulation, . 



1,582 

$403,000,000 

440,000,000 

213,000,000 



2,852 

$548,000,000 

291,000,000 

228,000,000 



16 



MAVERICK NATIONAL BANK. 



Annual Receipts, Expenditures, Interest Payments 
and Surplus of the United States, 

From 1860 to 1887. 
[Expressed in Millions.] 



Fiscal Years. 


Customs. 


Internal 
Revenue. 


Miscel- 
laneous. 


Gross 
Revenue. 


Expenses. 


Interest. 


Surplus. 


1860, . 


53 


- 


3 


56 


60 


3 


*7 


1861, . 


39 


- 


2 


42 


63 


4 


*25 


1862, . 


49 


- 


3 


52 


461 


13 


*423 


1863, . 


69 


38 


6 


113 


690 


25 


*602 


1864, . 


102 


109 


53 


265 


812 


54 


*601 


1865, . 


85 


209 


39 


334 


1,220 


77 


*964 


1866, . 


179 


309 


70 


558 


388 


133 


37 


1867, . 


176 


266 


48 


491 


214 


144 


133 


1868, . 


164 


191 


50 


406 


237 


140 


28 


1869, . 


180 


158 


33 


371 


192 


131 


48 


1870, . 


195 


185 


32 


411 


180 


129 


102 


1871, ., . 


206 


143 


34 


383 


167 


126 


91 


1872, . 


216 


131 


27 


374 


160 


117 


97 


1873, . 


188 


114 


32 


334 


186 


105 


43 


1874, . 


163 


102 


24 


289 


180 


107 


2 


1875, . 


157 


110 


21 


288 


171 


103 


13 


1876, . 


148 


116 


23 


287 


158 


100 


29 


1877, . 


140 


119 


19 


269 


142 


97 


30 


1878, . 


130 


111 


17 


258 


134 


103 


21 


1879, . 


137 


114 


24 


274 


162 


105 


7 


1880, . 


187 • 


124 


23 


334 


172 


96 


66 


1881, . 


198 


135 


27 


361 


178 


83 


100 


1882, . 


220 


146 


37 


404 


187 


71 


146 


1883, . 


215 


145 


38 


398 


206 


59 


133 


1884, . 


195 


122 


32 


349 


190 


55 


104 


1885, . 


181 


112 


30 


324 


209 


51 


63 


1888, . 


193 


117 


27 


336 


192 


51 


94 



Deficit. 



maverick National bank. 



17 



Annual Appropriations made by Congress 

From 1878 to 1887. 





Fiscal 
Year 1878. 


Fiscal 
Year 1879. 


Fiscal 
Year 1880. 


Fiscal 
Year 1881. 


Fiscal 
Year 1882. 


To Supply Deficiencies, 
Legislative, Executive 

and Judicial Expenses, 
Sundry Civil Expenses, 
SuppoYt of the Army, . 
Naval Service, 
Indian Service, 
Rivers and Harbors, 
Forts and Fortifications, 
Military Academy, 
Post-Ofiice Department, 
Pensions, 
Consular and Diplomatic 

Service, 
Miscellaneous, 


$2,547,186 

15,756,774 

17,079,256 

No appro. 

13,589,933 

4,827,686 

No appro. 

275,000 

286,604 

2,939,725 

28,533,000 

1,146,748 
1,425,091 


$15,213,259 

15,868,694 

24,968,590 

51,279,679 

14,153,432 

4,734,876 

8,322,700 

275,000 

292,805 

4,222,275 

29,371,574 

1,087,535 
2,226,390 


$4,633,824 

16,136,230 

19,724,869 

26,797,300 

14,028,469 

4,713,479 

9,577,495 

275,000 

319,547 

5,872,376 

56,233,200 

1,097,735 
2,995,124 


$6,118,085 

16,532,009 

22,503,508 

26,425,800 

14,405,798 

4,657,263 

8,976,500 

550,000 

316,234 

3,883,420 

41,644,000 

1,180,335 
4,959,332 


$5,110,862 

17,797,398 
22,011,223 
26,687,800 
14,566,038 

4,587,867 

11,451,300 

575,000 

322,435 

2,152,258 
68,282,307 

1,191,435 
1,128,006 


Totals, . 


88,356,983 


172,016,809 


162,404,648 


155,830,841 


179,579,000 



Fiscal Fiscal 

Year 1883. Year 1884. 



Fiscal 
Year 1885. 



Fiscal 
Year 1886. 



Fiscal 
Year 18S7. 



To Supply Deficiencies, 


$9,853,869 


$2,832,680 


$4,385,836 


i$3,332,717 


$13,572,883 


Legislative, Executive 












and JudicialExpenses, 


20,322,908 


20,763,843 


21,556,902 


21,495,661 


20,509,781 


Sundry Civil Expenses, 


25,425,479 


23,713,404 


22,346,750 


25,961,904 


22,650,658 


Support of the Army, . 


27,032,099 


24,681,250 


24,454,450 


24,014,052 


23,753,057 


Naval Service, 


14,903,559 


15,954,247 


2 8,931,856 


21,280,767 


16,489,557 


Indian Service, 


5,219,604 


5,388,656 


5,'903,151 


5,773,328 


5,561,263 


Rivers and Harbors, 


18,988,875 


No appro. 


14,94S,300 


No appro. 


14,464,900 


Forts and Fortifications, 


375,000 


670,000 


700,000 


726,000 


59,877 


Military Academy, 
Post-Office Department, 


335,557 


318,657 


314,563 


309,902 


297,805 


1,902,178 


Indefinite 


Indefinite 


Indefinite 


Indefinite 


1'ensioDs, 


116,000,000 


86,575,000 


20,810,000 


60,000,000 


76,075,200 


Consular and Diplomatic 












Service, 


1,256,655 


1,296,255 


1,225,140 


1,242,925 


1,364,065 


Agricultural Departm't, 


427,280 


405,640 


480,190 


580,790 


654,715 


Expenses of District of 












Columbia, 3 . 


3,496,060 


3,505,495 


3,594,256 


3,622,683 


3,721,051 


Miscellaneous, 


5,888,994 


1 ,806,439 


■ 7,800,004 
137,451,398 


2,268,383 


10,184,571 


Totals, 


251,428,117 


187,911,566 


170,608,114 


209,659,383 



1 Not including $6,150,062 appropriated for the Naval service for six months, 
ending June 30, 1885. 

2 For six months ending December 31, 1884. 

3 Note. — One half of this amount is by law paid by the U. S. Government; 
the other half must be paid into the Treasury by District taxes, and Congress 
appropriates the full sum. 



18 



MAVERICK NATIONAL BANK. 



The Public Debt, June 1, 1887. 

INTEREST BEARING DEBT. 



Rate of 
Interest. 


When Redeemable. 


t * 4T > ki Amount 
Interest Payable. 0utstandmg . 


3# 
4#- 


Option, U. S., . 

Sept. 1, 1891, .... 

July 1, 1907, .... 

Refunding Certificates, 

Navy Pension Fund, . 

Pacific R.Ii. Bonds, 1895-1399, 

Total Interest Bearing Debt, 


A., N.,F.,&M., . 
M., J., S., &D., . 
J., A., J., &0., . 
J.,A., J.. &0., . 
January and July, 


$19,716,500 

250,00'0,000 

737,800,150 

175,650 

14,000,000 

64,623,512 




$1,086,315,812 



The $19,716,500 of 3 per cents, are all registered. Of the 4^8, $206,482,750, 
and of the 4s, $621,815,550 are registered and the balance coupons. 



DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. 

Miscellaneous — Interest formerly from 3 to 7 3- 10$, . . $6,541,295 26 

DEBT BEARING NO INTEREST. 
Old Demand Notes, July 17, 1861 ; Feb. 12, 1862, . . . $57,130 00 

Legal Tender Notes, Feb. 25, 1862; July 11, 1862; Mar. 3, 1863, 346,681,016 00 
Certificates of Deposit June 8, 1872, . . $9,400,000 00 

Less Amount held in Treasurer's Cash, . 410,000 00 

8,900,000 00 

Gold Certificates, Mar. 3. 1863 ; July 12, 1882, $123,062,335 00 
Less Amount held in Treasurer's Cash, . 32,101,358 00 

94,960,977 00 

Silver Certificates, Feb. 28, 1878, . . . $144,432,492 00 
Less Amount held in Treasurer's Cash, . 5,289,164 00 

139,143,328 00 

Fractional Currency, July 17, 1862; Mar. 3, 

1863; June 30, 1864, .... $15,323,256 3? 

Less Amount estimated as lost or destroyed, 8,375,934 00 

6,947,322 37 

Total Non-Interest Bearing Debt, $592,779,773 00 

RECAPITULATION. 

Interest Bearing Debt $1,086,315,812 00 

Debt on which Interest has ceased since maturity, . . . 6,541,295 26 

Debt Bearing no Interest 692,779,773 00 

Interest due and unpaid, 11,905,271 33 

Total Debt, $1,697,542,151 96 

Total Debt loes Cash in Treasury, June 1,. . . . $1,296,281,462 19 



CHAPTER II. 



THE CREDITS OF FOREIGN NATIONS. 



The Rate of Return to Investors in English, French, German, Spanish, Austrian, 
Turkish, Egyptian, Chinese and Japanese Government Securities — The 
Credit of the United States. — Its Growth in Population and Wealth. —The 
Burden of Armies and Navies to European Nations. 



The Rate of Returns to Investors in English, 
French, German, Spanish, Austrian, Turkish, 
Egyptian, Chinese, and Japanese Government Se- 
curities. 










i 


A 


03 


FIRST FOUR 






r-t 


W ^ 


•£ . 


MONTHS OF 




CO 


$£ 




^a 


1887. 


COUNTRIES. 


u 

a 


.£ > 


® a 

Q" 3 


is 




|S+5 

3* 


Argentine Confederation, — 


per 

cent. 


per 
cent. 










Loan of 1868, .... 


6 


5.95 


1889, 


102.75 


104 


100 


Buenos Ayres, of 1824, . 


6 


6.2 


By pur- 
chase. 


97.5 


97.5 


97.5 


Entre Rios, of 1880, . 


6 


6.6 


1919, 


94.75 


95.5 


89 


Austria, 2 — 














Silver Rentes, .... 


5 


6.85 


Irredeem- 
able. 


66 


68 


61 


Gold Rentes, .... 


4 


3.77 


Irredeem- 
able. 


89^ 


90 


84% 


Australasia, — 














New South Wales, Loan of 1885, 


3K 


3.7 


1924, 


95% 


96% 


92% 


New Zealand, .... 


4 


4.15 


1929, 


98 


98% 


94 


Queensland, .... 


4 


3.92 


1913-15, . 


103 


103 ' 


99% 


South Australia, inscribed, 


4 


3.84 


1916-35, . 


102;$ 


105 


99 


Tasmania, 


4 


3.91 


1911, 


103 


103 


99% 


Victoria, 


4 


3.64 


1913, 


105% 


106 


103% 


West Australia, 


4^ 


4.11 


1922, 


106 x 


107 


104 


Belgium, Loan of 1874 (Rentes) , 


3 


3.62 


Rentes, . 


93 


94 


90% 


Brazil, Loan of 1865, . 


5 


4.94 


1902, 


100% 


101% 


98 



1 At price per ultimo April, including redemption. 
1 Income tax, 16#, is deducted from dividend coupons. 



20 



MAVERICK NATIONAL BANK. 



Rate of Returns, Etc. — Continued. 





a 




8 


FIRST 


FOUH 






M 


ij j 


MONTHS OF 


COUNTRIES. 


u 


-1 

S > 


op. 

»! 

OS'S 


a. 

3-s 


1887. 




J3J 
txxa 
2 O) 


o v 




i-i 


fcH 


Q 


h3 


a 


hI 




per 


per 












cent. 


cent. 










Britain, Great, Consols, . 


3 


2.97 




_ 


102% 


99% 


New 2 ^s 1894, .... 


2% 


2.81 


1894,' ! 


- 


89 


88 


Egyptian Loan, guaranteed 


3 


3.00 




100 


100 


97% 


by England. 2 














Bank of England Stock, divi- 


9^ 


3.24 




- 


299 


294 


dend last year. 














Bank of Ireland Stock, 2 last 


11 


4 


. . . 


- 


291 


273 


dividends. 














British Guiana, Scrip, 2 


4 


4.0 




100 


100 


98 


Canadiau Dominion, — 














Intercolonial Railroad, — 














British Guarantee, 


4 


3.25 


1903-8, . 


113 


113 


110 


Canadian Guarantee, . 


5 


4.07 


1903, 


111)^ 


114 


111 


Cape of Good Hope, Consols, 


4 


3.86 


1936, 


102% 


102% 


98^ 


Ceylon (redeemable by 1$ annu- 


4 


3.87 




104 


105 


102 


ally from 1886). 
Chili, Conversion Loan, 2 














4% 


4^ 


1887, 


98% 


101 


100 


China (red. by drawings fr 1891), 


6 


4.35 


1895, 


113 


113% 


108 


Colombia, Defaulter, with Cou- 


4.75 


- 


1878, 


26% 


31% 


25% 


pon for 1879. 














Costa Rica B Bonds, . 


5 


7.81 


1898, 


65 


66 


56% 


Danubian Principalities (Rou- 


8 


6.55 


1890, 


107 


112% 


106 


mania), 1867. 














Denmark (red. at State option ; no 


4 


- 




- 


- 


- 


business done in England). 














Ecuador, Defaulter (new con- 


1 


- 




11% 


12 


9% 


solidated). 3 














Egypt, less 5% Income Tax, Uni- 
fied.* 


4 


5.36 




76% 


76% 


68% 


British Guarantee, 2 . 


3 


3.00 




100 


100 


97% 


Fiji, Loan of 1881 (redemption op- 


4% 


4.42 




104% 


105 


103 


tional by 1$ Sinking Fund). 














France, Loan of 1S83 (Rentes), . 


±K 


4.17 




108% 


108% 


104% 


Redeemable, .... 


3 


3.62 


1953,' ! 


83% 


84% 


80^ 


Not redeemable, 


3 


3.8 




79 


82 


75% 


German Empire 


3K 


ZVz 




- 


99.60 


- 


Greece. Independence Loan 


5 


7.31 


1899,' ! 


83 


83% 


76 


Conversion, 1879. 














Guatemala, Defaulter, of 1869, 5 


6 


- 


1888, 


37 


37 


22% 


Hindustan Stock (payable in 
London) . 
Debenture Bonds (ditto), 


4 


3.95 


After 1888, 


103% 


104 


100% 


zy 2 


3.50 


1889-91, . 


100 


100% 


99% 


Enfaced Paper (payable in 


4 


4.55 


3 mos. no- 


67% 


71% 


66 


rupees in India). 






tice. 








Holland,* 


IV* 


3.47 




72% 


75 


71% 


Direct Government Issue, 4 


3^ 


3.55 




97% 


99 


97% 



1 At price per ultimo April, including redemption. 

* Redeemable by purchase or drawings. 
8 Last dividend paid was that for 1867. 

* Redeemable by purchase. 

s 4-5 i Sinking Fund not applied. 



MAVEKICK NATIONAL BANK. 



21 



Rate of Returns, Etc. — Continued. 



COUNTRIES. 



GO 

hi 
a> 

C 


°Z' 

*^ o 


i 

«q 
o 

°a 
<x> S 

"S'S 
Q 


<D 

.2 

ft 

"SJ.S 
►J 


FIRST FOUR 
MONTHS OF 

1887. 


■4-s 

5" 




per 


per 










cent. 


cent. 










10 


- 


1885, 


9 


19% 


5% 


4 


5.06 


Rentes, . 


80% 


84% 


73 


5 


4.45 


Irredeem- 
able.. 


96% 


100% 


90% 


4 


3.95 


1927, 


102 


102 


100 


7 


4.68 


1898, 


116 


117% 


110 


4 


3.95 


1922, 


102 


102 


99 


3 


- 


Irredema- 
able. 


29% 


29% 


24 


3 


- 


Irredeem- 
able. 


13% 


13^ 


H>a 


5 


4.39 


1924, 


113 


114 


104 


6 


6.77 


1919, 


92 


92 


88 


4 


3.77 


1934 or ear- 
lier. 


- 


105 


102 


6 


5.74 


1905, 


104% 


105 


102 


8 


- 


1893, 


18% 


18% 


15% 


5 


- 


1898, 


13% 


14 


10% 


3 


5.37 




56 


56^ 


49% 


5 


5.42 


1961, 


93% 


94% 


91% 


4 


3.86 


After Jan., 

1885. 


- 


105 


101 


5 


5.27 


1904, 


97 x 


99 


92 


5 


4.96 


1945, 


103 


103 


99 


6 


- 


1894, 


16 


17 


13% 


4 


6.16 




64% 


66% 


59% 


5 


4.62 


1900, 


104 


105 


102 


4 


3.8 


1895-1930, 


104 x 


105 


102 


4 


3.89 


1883-1939, 


103 


103 


98 


1 


7.69 


l<fc Sinking 
Fund. 


13 


14 


12 


4 


3.76 


1900, 


107 


109 


106 


5 


5.9 


By p u r- 

chase. 


85% x 


86% 


78^ 


3 


2.91 


By draw- 
ings. 


103 


104 % 


102% 


4^ 


4.01 


1891, 


112 *» 


113% 


110% 


4* 


3.08 


1907, 


131 4 


132 


130 


5 


8.77 




57 


57% 


44% 



Honduras R.R. Loan, Defaulter 
(no int. paid since July, 1872). 

Hungary, Gold Rentes, 

Italy, less 13.2$ Income Tax, 
Rentes, 1861. 

Jamaica, 1881-82, . 

Japan, 1873, 

Mauritius, Consols, 

Mexico, 1851, Defaulter, 

1864, Defaulter, 

Natal, 1884, 

Nicaragua Scrip (all paid), 
Norway, 18S0 

Orange Free State (repayable in 
20 annual drawings). 

Paraguay, Defaulter (June, 1874, 
unpaid). 

Peru, Consols, Defaulter (no 
payment since 1872). 

Portugal (irredeemable), . 
Of 1882, 

Prussia, Consols, 1880, 



Russia, Anglo-Dutch Loan of 
1866. 
Moscow Jaroslaw R. R. Loan, 

San Domingo, 1869, Defaulter 
(no int. paid since July, '72). 

Spain, 1882, External Debt (irre- 
deemable). 
Quicksilver Mortgage, 1870, . 

Sweden, 1880, .... 

Trinidad, 1880, . 

Turkey, General Debt, 

English and French Guarantee, 
Ottoman Defence Loan, 1877, 

United States (in Gold in N. Y.), 

U. S. A., Funded, 1876,2 . 
1877,2 . 
Uruguay, Unified, 1883, 



1 At price per ultimo April, including redemption. 

2 Redeemable by drawings not before 1891. 

3 New York quotation, May 14: highest, 110^ ; lowest, 109%. 
* New York quotation, May 14: highest, 129%; lowest, 129%. 



MAVERICK NATIONAL BANK. 



Rate of Returns, Etc. — Concluded. 



COUNTBIES. 


■0 

C 


a 

% 
2 * 

S 

•a <n 

— - 


9 

o 

Oft 

si 

OSTS 

q 


3 

,- . 

ft 
• « 
1-3 


First Foub 
Months of 

1887. 




tea 




Virginia, Defaulter (unpaid since 
1867), . ... 
Massachusetts, 1871-72, Sterling, 
Venezuela, New Consols, . 


p.ct. 
5 
5 
3 


p.ct. 

3.61 
7.5 


1889-91, '. 
By pur- 
chase. 


104 

40 


38 

108^ 
41 


33 

103 

37 



Tue Credit of the United States. 

United States four per cent, bonds stood between 129 
and 130 at the date of the compilation of the above 
table. At 130.92, or, in round numbers, 131, with 20 
years to run, they net the investor, according to the 
treasury department tables, just 2£ per cent, per annum. 
The four and one-half per cent, bonds, with 4£ years to 
run, also net 2£ per cent, to the purchaser, at 109.94, or 
say 110 — about the May price. 

The credit of the United States ranks highest among 
the nations of the earth, not because of the advantages 
given to national banks in permitting them the issue of 
bills against assets of government bonds, for national 
banks do not now hold a larger proportion of the interest- 
bearing debt than they did twenty years ago. Our credit 
ranks first because we are now first in everything that 
should give credit, first in wealth, first in production 
of brain and hand, — in invention, manufactures and 
agriculture, — first in the excess of national revenues 
over expenditures, and first in the economy of our 
national defences. 

From the American Almanac we take the following 
tables, as fitly supplementing those we have compiled 
above. Of the forty-two nations whose debts and 
revenues are here recorded, just one-half have expendi- 
tures in excess of receipts, and the annual surplus of the 
United States exceeds the aggregate of all other nations. 

* At price per ultimo April, including redemption. 



MAVEEICK NATIONAL BANK, 



23 



Debts, Kevenues, 



Expenditures, 
Nations. 

[00,000 omitted.] 



and Commerce of 



Countries. 


Fiscal 
Year. 


Public 
Debt. 


Reve- 
nue. 


Expen- 
ditures. 


Imports. 1 


Exports, i 


Argentine Republic, . 


1885 


$148,2 


$34,6 


$43,4 


$87,6 


$83, i 


Australasia, 2 


1SS5 


704,5 


119,6 


120,1 


316,8 


257,7 


Austria-Hungary, 


18S5 


1,493,6 


62,8 


63,1 


312,4 


350,2 


Austria proper, . 


18S5 


331,3 


205,0 


271,4 


(InAustria- 


Hungary.) 


Hungary proper, 


1885 


504,8 


159,9 


169,2 


(InAustria- 


Hungary.) 


Belgium, 


1886 


409,3 


61,1 


63,1 


283,6 


267,8 


Bolivia, 


1885 


21,9 


3,4 


4,7 


6,1 


9,3 


Brazil, 


1885 


431,5 


75,7 


80,2 


109,1 


113,7 


Canada, 


1S85 


264,7 


32,7 


35,0 


113,4 


92,9 


Chili, .... 


1886 


63,4 


40,2 


39,8 


52,8 


68,0 


China,' 


1S84 


39,4 


121,5 


110,2 


134,3 


98,1 


Colombia, U. S. of, . 


1884 


21,5 


4,1 


3,6 


11,5 


14,8 


Denmark, . 


1885 


27,9 


15,8 


13,2 


76,7 


49,9 


Ecuador, . 


18S5 


16,5 


4,2 


4,1 


6,0 


6,1 


Egypt, 


1S82 


518,6 


45,0 


47,6 


41,8 


63,3 


France, 


1886 


6,148,9 


757,3 


763,8 


905,1 


670,0 


Germany, . 


1885 


140,7 


184,3 


156,5 


772,1 


716,5 


German States, 


1883 


1,813,0 


•282,4 


471,5 


(In German 


Empire.) 


Great Britain, . 


1886 


3,711,2 


448,4 


461,1 


1,950,0 


1,479,8 


Greece, 


1884 


90,4 


16,2 


17,0 


27,2 


18,8 


Hawaii, 


1885 


1,0 


3,2 


3,2 


3,8 


9,0 


India, British, . 


1885 


834,6 


358,4 


355,3 


347,9 


425,3 


Italy, .... 


1886 


2,246,9 


342,5 


358,9 


.515,3 


267,6 


Japan, 


1885 


567,3 


56,6 


56,6 


29,1 


33.2 


Mexico, 


1886 


156,1 


31,7 


26,3 


36,2 


41,8 


Netherlands, 


1886 


426,4 


46,6 


52,3 


423,5 


318,4 


Norway, 


1885 


30,0 


12,6 


10,9 


37.6 


26,'.) 


Paraguay, . 


1885 


4,5 


1,2 


1,1 


1,3 


1.4 


Persia, 


1885 


No debt. 


8,3 


7,7 


29,5 


22,2 


Peru, .... 


1884 


242,5 


7,0 


9,6 


10,5 


7,4 


Portugal, . 


1885 


476,4 


35,4 


38,4 


37,7 


24,0 


Roumania, . 


18S6 


140,0 


27,6 


17,1 


59,6 


36,9 


Russia, 


1885 


3,669,9 


559,6 


489,4 


304,4 


394,1 


Servia, 


1885 


52,5 


9,5 


9,2 


10,5 


7,5 


Siam, .... 


1884 


- 


4,0 


3,8 


6,2 


11,2 


Spain, 4 


1885 


190,0 


180,2 


179,2 


110,7 


120,4 


Sweden, 1 "' 


18S5 


65,2 


22,6 


21,9 


83,2 


60,2 


Switzerland, 


1885 


6,5 


9,6 


9,2 


151,9 


132,2 


Turkey," . 


1885 


744,8 


59,2 


76,6 


87,2 


58,2 


United States, . 


18S6 


1,783,4 


336,4 


242,4 


674.0 


751,9 


Uruguay, . 


18S5 


62,3 


12,1 


12,0 


25,2 


25,2 


Venezuela, 7 


1885 


21,8 


5,8 


7,8 


17,2 


19,6 


Total debts, . 




$28,625,9 











1 Including merchandise, specie and bullion. 

2 Including New South Wales, New Zealand, Queensland, South Australia, 
Tasmania, Victoria and Western Australia 

3 Foreign debt only. 

4 Spain being wholly unable to meet the interest on its debt, it was " con- 
verted " in 1881-82 from an aggregate of $2,560,000,000 into new securities to the 
amount of $1,290,000,000 at four per cent. 

6 The debt of Sweden is wholly offset by the value of the State railways, built 
by the Government. 

u The Turkish Government, by arrangement with a committee of bond- 
holders, "scaled" its public debt in 1881 from $1,264,009,425 to $532,186,170, 
pledging its revenues for payment. 

7 Venezuela's foreign debt, which had grown to over $54,000,000 in 1878, when 
interest payments were resumed, was " consolidated " into new four per cent, 
bonds in 1881. 



24 



MAVERICK NATIONAL BANK. 



Armies of the World. 



Countries. 


Popu- 
lation. 


Eegular 
Army. 


War 

Footing. 


Annual Cost 
of Army. 


Cost to 
each 

Inhabi- 
tant. 


Per cent, 
of total 
Expen- 
diture. 


Austria-Hungary, 
Argentine Republic, . 


37,7 
2,4 


284,071 
7,518 


1,078,904 
357,518 


$49,116,248 
5,800,000 


$1 30 
2 41 


78.14 
17.74 


Belgium, 

Bolivia, 

Brazil, 


5,5 

2,0 
10,1 


47,084 

3,021 

13,500 


224,637 

6,000 

32,000 


9,208,046 
2,148,000 
7,466,120 


1 66 

1 03 

73 


14.08 
65.08 
9.72 


Canada, 

Chili, .... 

China, .... 

Colombia, . 

Cuba, .... 


4,3 
2,4 
434,6 
2,9 
1,5 


2,000 

13,926 

300,000 

4,000 
25,653 


700,152 

65,752 

1,200,000 

30,740 


3,840,000 
16,326,095 
75,000,000 


88 

> 


13.36 

70.92 
68.03 


Denmark, . . T 


2,0 


35,727 


50,522 


2,461,955 


1 17 


16.62 


Egypt, 


17,4 


10,900 


43,000 


- 


- 


- 


France, 


37,4 


529,269 


3,753,164 


121,061,600 


3 23 


16.99 


Germany, . 
Great Britain, . 
Greece, 
Guatemala, 


45,1 

35,2 

1,9 

1.2 


445,402 

181,971 

29,368 

2,180 


1,492,104 
641,753 
35,1S8 
34,409 


84,968,140 
90,901,630 
3,312,140 


1 88 

2 57 
1 67 


57.52 
20.89 
22.12 


Hawaii, 


- 


400 


- 


- 


- 


- 


India, British, . 
Italy, .... 


252,5 
28,4 


190,476 
750,765 


380,000 
1,9S5,619 


87,201,250 
41,098,611 


34 
1 44 


24.52 
13.20 


Japan, .... 


36,7 


37,790 


120,982 


9,263,713 


25 


14.78 


Luxembourg, 


2 


377 


- 


75,680 


36 


5.65 


Mexico, 


9,3 


22,330 


- 


8,252,352 


87 


24.76 


Netherlands, 
Nicaragua, . 
Norway, 


4,0 

2 

1,8 


65,113 
703 

18,750 


165,010 

10,303 

241,600 


8,464,000 
1,628,440 


2 08 
90 


15.12 
14.89 


Persia. 

Peru, .... 

Portugal, 


7,0 
3,0 
4,5 


30,000 
13,200 
33,994 


105,500 
70,000 
78,024 


3,800,000 
5,099,105 


54 

1 12 


42.22 
14.54 


Roumauia, . 
Russia, 


5,3 
98,3 


19,512 

780,081 


150,000 
2,300,000 


5,463,550 
125,508,474 


1 01 
1 27 


20.90 
27.34 


Servia, 

f-pain, .... 

Sweden, 

Switzerland, 


1,7 
16,6 
4,5 
2,8 


18,000 
152,895 

40,758 
117,500 


210,000 
400,000 
194,940 
215,000 


2,072,890 
24,524,415 
4,322,860 
3,341,260 


1 21 

1 47 

94 

1 17 


29.80 
13.93 
1V».97 
39.00 


Turkey, 


25,0 


160,417 


610,200 


23,841,064 


95 


33.81 


United States, . 
Urujjuay, . 


50,1 
4 


26,383 
4,500 


3,165,000* 
27,700 


39,429,603 


78 


16.15 


Venezuela, . 


2,0 


3,000 


60,000 


_ 


— 


" 



Note. — The last column shows the ratio which the military expenditure 
bears to the total annual expenditure of each nation. 
* Militia force phis the regular army. 



MAVERICK NATIONAL BANK. 



25 



The Navies of 


the World. 






COUHTBJES. 


O co 


No. of 
Men. 


Cost of 
Navy. 


COUNTBIES. 


03 

r 


No. of 
Men. 


Cost of 

Navy. 








$ 








$ 


Argentine Republic, 


33 


991 


2,670,000 


Italy, 


72 


15,140 


10,310,741 


Austria-Hungary, . 


68 


7,222 


3,838,460 


Japan, 


31 


5,551 


2,024,552 


Belgium, . 


10 


172 


- 


Mexico, . 


8 


- 


- 


Brazil, 


48 


4,984 


5,560,291 


Netherlands, . 


166 


3,436 


5,170,888 


Canada (Dominion), 


7 


- 


— 


Norway, 


46 


915 


420,680 


Chili, 


10 


2,225 


4,359,893 


Peru, 


- 


- 


- 


China, 


56 


- 


— 


Portugal, 


39 


3,200 


1,607,411 


Denmark, 


44 


1,122 


1,575,577 


Roumania, 


10 


530 


- 


Egypt, . ... 


13 


- 


- 


Russia, . 


373 


28,975 


19,911,580 


France, . 


302 


39,365 


40,989,363 


Spain, 


124 


21,678 


6,719,046 


Germany, 


91 


15,200 


6,752,094 


Sweden, . 


133 


7,723 


1,418,420 


Great Britain and 








Turkey, . 


49 


40,392 


3,000.000 


Ireland, 


246 


57,250 


53,643,905 


United States, 


93 


12,204 


17,292,601 


Greece, 


16 


2,637 


833,708 
1 


Venezuela, 


4 


200 


- 



The Wealth and Population of the United States. 

In 1850, the total wealth of the United States was but 
$8,430,000,000 [£1,680,000,000], while that of the United 
Kingdom exceeded $22,500,000,000 [£4,500,000,000], or 
nearly three times that sum. Thirty short years sufficed 
to reverse the positions of the respective countries. In 
1882, the Monarchy was possessed of a golden load of 
no less than eight thousaDd seven hundred and twenty 
millions sterling. Just pause a moment to see how this 
looks strung out in cold figures ; but do not try to 
realize what it means, for mortal man cannot conceive it. 
Herbert Spencer need not travel so far afield to reach the 
unknowable. He has it right here under his very eyes. 
Let him try to know the import of this, — $43,600,000,000 
[£8,720,000,000], It is impossible. But, stupendous 
as this seems, it is exceeded by the wealth of the 
Republic, which in 1880, two years before, amounted to 
$48,950,000,000 [£9,790,000,000]. What a mercy we 
write for 1880 ; for had we to give the wealth of one 
3^ear later, another figure would have to be found and added 
to the interminable row. America's wealth to-day greatly 
exceeds ten thousand millions sterling. Nor is this 
altogether due to her enormous agricultural resources, as 
may at first glance be thought ; for all the world knows 
she is first among nations in agriculture. It is largely 



26 MAVEEICK NATIONAL BANK. 



attributable to her manufacturing industries ; for, as all 
the world does not know, she, and not Great Britain, is 
also the greatest manufacturing country. In 1880, British 
manufactures amounted in value to eight hundred and 
eighteen millions sterling ; those of America to eleven 
hundred and twelve millions, — nearly half as much as 
those of the whole of Europe, which amounted to twenty- 
six hundred millions. Thus, although Great Britain 
manufactures for the whole world, and the Republic is 
only gaining, year after year, greater control of her own 
markets, Britain's manufactures in 1880 were not two- 
thirds the value of those of the one-century-old Republic, 
which is not generally considered a manufacturing country 
at all. 

France, with her fertile plains and sunny skies, requires 
a hundred and sixty years to grow two Frenchmen where 
one grew before. Great Britain, whose rate of increase 
is greater than that of any other European nation, takes 
seventy years to double her population. The Republic 
has repeatedly doubled hers in twenty-five years. In 
1831, Great Britain and Ireland contained twenty-four 
millions of people, and fifty years later [1881] thirty- four 
millions. France increased during the same period from 
thirty-two and a half to thirty-seven and a half millions 
The Republic bounded from thirteen to fifty millions. 
England gained ten, France five, the United States thirty- 
seven millions. Thus the Republic in one-half century 
added to her numbers as many as the present total popu- 
lation of France, and more than the present population of 
the United Kingdom. Think of it ! a Great Britain and 
Ireland called forth from the wilderness, as if by magic, 
in less than the span of a man's few days upon earth, 
almost 

"As if the yawning earth to heaven 
A subterranean host had given." 

Truly the Republic is the Minerva of nations ; full-armed 
has she sprung from the brow of Jupiter Britain. The 
thirteen millions of Americans of 1830 have now increased 
to fifty-six millions, — more English-speaking people than 
exist in all the world besides, more than in the United 
Kingdom and all her colonies, even were the latter doubled 
in population. — Carnegie's Triumphant Democracy. 



CHAPTER III. 



STATE AND MUNICIPAL INDEBTEDNESS. 



General Notes on State Indebtedness. — State, Territorial, County, and Muni- 
cipal Debts in 18S0. — State Debts and Valuations, January 1, 1887. — 
Approximate Credit of States. — Debts, Population, and Debt per Capita of 
Forty Cities of the United States — Average Rates of Interest Paid and 
Credits of Leading Cities of the United States. — Growth of American 
Cities of 50,000 Population since 1790. — Indebtedness of Foreign Cities. 

State Debts. 

The debts of the Northern States were contracted 
largely for war purposes between 1861 and 1866, and 
many of them have been greatly reduced or entirely 
extinguished. But the debts of the Southern States, 
although not changed much during the war, were reck- 
lessly increased during the reconstruction period. Several 
States have adopted one scaling process after another, 
and some have repudiated their bonds altogether. 

States are free from prosecution for payments of their 
debts under the interpretation by the United States 
Supreme Court of the Eleventh Amendment to the Con- 
stitution, and hence the bonds became debts of honor 
solely. Neither individual creditors nor other States 
can bring suit against a defaulting commonwealth. 
Virginia has made a contract with its bondholders which 
cannot be annulled by legislation, in making bond cou- 
pons receivable for taxes ; but subsequent legislation has 
prescribed methods of making coupons available for this 



28 



MAVERICK NATIONAL BANK. 



purpose so vexatious as to almost annul their value. 
Suits on this point have twice been carried to the United 
States Supreme Court, and the validity of the coupons 
as a legal tender for taxes has been reaffirmed. The 
large body of Virginia tax-payers, however, still pay their 
taxes in money. 

The foreign holders of Virginia bonds have lately re- 
newed their resolution to maintain and push their rights 
before the United States courts, and still steadfastly 
resist the Riddleberger settlement. They are willing to 
accept a compromise based upon the available revenue, 
after providing for the constitutional appropriations for 
government, schools, etc., without raising the present rate 
of taxation. The question is whether such a compromise 
will be accepted by the people. Efforts are also being 
made to induce West Virginia to assume her portion of 
the old State debt, but the authorities of the two States 
differ as to the amount of the former's liability. 



Net State, Territokial, County, and Municipal Debts 
of the United States, with Population and Debt 
per Capita, 1880. 









1880. [000 omitted.] 


Total 
Debt 
per 
capita, 
1880. 


States and Tekki- 
tories. 


Net State 
Debt.* 


Net 

County 
Debt.* 


Net 

Municipal 

Debt.f 


Total 
Debt* 


Popula- 
tion. 


Alabama, 

Arkansas, 

California, 

Colorado, 

Connecticut, 

Delaware, 

Florida, . 

Georgia, . 

Illinois, . 

Indiana, . 

Iowa, 






$9,071 
4,039 
3,306 

212 
4,967 

8S9 

1,134 

9,951 

No debt. 

4,998 

370 


$1,703 

3,135 

7,312 

2,492 

101 

44 

435 

181 

14,181 

4,048 

2,992 


$3,953 

763 

6,136 

889 

16,932 
1,421 
1,055 
9,548 

30,999 
9,307 
4,599 


$14,728 

7,938 

16,755 

3,594 

22,001 

2,346 

2,626 

19,681 

45,180 

18,353 

7,962 


1,262 

802 

- 864 

194 

623 

146 

269 

1,542 

3,077 

1,978 

1,624 


$11.67 
9 89 
19.38 
18.49 
35.33 
16.01 
9.75 
12.76 
14.68 
9.28 
4.90 



* The aggregate of debt, after deducting sinking fund, 
t Including township and school district debt. 



MAVERICK NATIONAL BANK. 



29 



Net Debts of the United States, Etc. — Concluded. 







1880. 


[000 omitted.] 




Total 














Debt 


States and Terri- 












per 
capita, 


TOBIES. 


Net State 


Net 
County 


Net 

Municipal 


Total 


Popula- 




Debt* 


Debt* 


Debt.f 


Debt* 


tion. 


1880. 


Kansas, . 


1,087 


7,950 


6,967 


16,005 


996 


16.07 


Kentucky, 


1,089 


5,877 


8,010 


14,977 


1,648 


9.08 


Louisiana, % . 


23,437 


1,107 


18,320 


42,865 


939 


45.60 


Maine, . 


4,682 


451 


17,272 


22,406 


649 


34.53 


Maryland, 


7,627 


1,377 


1,891 


10,896 


935 


11.65 


Massachusetts, 


20,159 


1,371 


69,753 


91,283 


1,783 


51.19 


Michigan, 


No debt. 


896 


7,906 


8,803 


1,636 


5.38 


Minnesota, 


2,565 


901 


5,009 


8,476 


780 


10.86 


Mississippi, . 


379 


1,134 


498 


2,013 


1,131 


1.78 


Missouri, 


16,259 


11,923 


29,249 


57,431 


2,168 


26.48 


Nebraska, 


375 


5,120 


1,929 


7,425 


452 


16.41 


Nevada, . 


- 


891 


133 


1,024 


62 


16.45 


New Hampshire, . 


3,561 


779 


6,383 


10,724 


346 


30.91 


New Jersey, . 


813 


6,668 


42,064 


49,547 


1,131 


43.80 


New York, 


7,536 


12,399 


198,787 


218,723 


5,082 


43.03 


North Carolina, . 


5,706 


1,524 


963 


8,194 


1,399 


5.85 


Ohio, . 


5,732 


2,962 


40,058 


48,753 


3,198 


15.24 


Oregon, . 


511 


211 


125 


848 


174 


4.86 


Pennsylvania, 


20,716 


9,781 


83,537 


114,034 


4,282 


26.63 


Rhode Island, 


1,832 


— 


11,270 


13,102 


276 


47.38 


South Carolina, 


6,639 


1,573 


5,132 


13,345 


995 


13.41 


Tennessee, 


27,440 


3,060 


6,886 


37,387 


1,542 


24.25 


Texas, . 


5,566 


2,499 


3,538 


11,604 


1,591 


7.29 


Vermont, 


4 


23 


4,324 


4,352 


332 


13.10 


Virginia, 


29,345 


1,283 


11,471 


42,099 


1,512 


27.83 


West Virginia, 


No debt. 


592 


920 


1,513 


618 


2.45 


Wisconsin, . 


2,252 


2,292 


7,331 


11,875 


1,315 


9.03 


Aggregate, . 


$234,257 


$121,285 


$675,348 


$1,030,891 


49,371 


- 


Territories. 














Arizona, 


- 


$353 


$24 


$377 


40 


$9.33 


Dakota, . 


- 


961 


37 


998 


135 


7.39 


Dist. of Columbia, 


- 


_ 


22,675 


22,675 


177 


127.66 


Idaho, . 


$88 


143 


3 


235 


32 


• 7.22 


Montana, 


64 


659 


35 


759 


39 


19.41 


New Mexico, 


_ 


84 


■ _ 


84 


119 


.71 


Utah, . 


9 


15 


91 


116 


143 


.81 


Washington, . 


- 


204 


34 


239 


75 


3.19 


Wyoming, 


17 


169 


19 


205 


21 


9.88 


Aggregate, . 


$179 


$2,591 


$22,921 


$25,692 


784 


- 


Total Aggregate, . 


$234,4o6 


$123,877 


$698,270 


$1,056,584 


50,155 


$21.07 



* The aggregate of debt, after deducting sinking fund, 
t Including township and school district debt. 
X Old debt (1874), now being refunded. 



30 



MAVERICK NATIONAL BANK. 



Net Debts, Valuation, and Taxes of Thirty-eight 

States. 

Latest Official Statements to Jan. 1, 18S7. 







Amount 
of State 


Amount 
raised by 


Amount of 
Taxable Property 


State 


STATES. 


Date of 

Statement. 


Debt 
Funded. 


Taxation 
last Year. 


as Assessed. 


Tax 






on 










Real. | Personal. 


$100. 




[000 omitted.] 








Dollars. 


Dollars. 


Dollars. 


Dollars. 


Cents. 


Alabama, . 


Oct. 1,'86, 


12,192 


1,041 


102,038 


70,470 


65 


Arkansas, . 


Oct. 1,'85, 


5,108 


966 


78,444 


48,382 


40 


California, 1 


July 1,'84, 


3,203 


3,861 


558,373 


167,338 


49 7-10 


Colorado, 


Dec. 1,'S6, 


None. 


534 


130,000* 




40 


Connecticut, 


Dec. 1, '84, 


4,272 


1,463 


243,858 


104,916 


T2 


Delaware, 2 


Dec 22, '83, 


864 


117 


— 


— 


- 


Florida, 


Jan. 1, '85, 


503 


377 


60,042* 




40 


Oeorgia, . 


Oct. 1,'86, 


8,210 


1,351 


183,366 


146,123 


35 


Illinois, 


Oct. 1, '85, 


None. 


3,000 


578,229 


218,111 


42 


Indiana, . 


Nov. 1, '85, 


6,008 


2,889 


566,521 


227,004 


14K 


Iowa, 3 


July 1, '85, 


- 


1,148 


489,660 


135,045 


25 


Kansas, 4 . 


July 1,'86, 


847 


1,032 


189,635 


87,945 


41^ 


Kentucky, 6 


July 1,'88, 


1,174 


907 


294,194 


98,371 


52^ 


Louisiana, 


Jan. 1,'S6, 


15,100 


1,567 


149,145 


63,579 


10 


Maine, 


Jan. 1, '85, 


5,316 


1,301 


265,978* 




40 


Maryland, 6 


Oct. 1,'S5, 


10,970 


887 


473,452* 




18% 


Massachusetts, 7 


Jan. 1, '86, 


31,432 


2,005 


1,287,993 


494,355 


8 53-100 


Michigan, . 


Oct. 1, '86, 


243 


1,202 


849,921* 




12 7-10 


Minnesota, 3 


Aug. 1, '86, 


4,026 


658 


386.547 


79,204 


18 


Mississippi, 9 


Jan. 1,'86, 


3,178 


605 


87,282 


35,454 


25 


Missouri, . 


Nov. 9, '85, 


14,309 


2,839 


496.730 


229,044 


40 


Nebraska, . 


Dec. 1,'S6, 


499 


1,117 


163.499* 




76^ 


Nevada, 


Nov. 22, '86, 


409 


516 


43,526* 




90 


New Hampshire, 


June 1, '86, 


2,926 


400 


130,293 


101,360 


19 


New Jersey, 


Nov. 1,'85, 


1,596 


1,375 


565,537* 




25 


New York, 10 


Oct. 1,'S6, 


9,327 


9,512 


2,899,899 


324,783 


29 6-20 


North Carolina, 


Dec. 1, '86, 


15,421 


691 


124,135 


77,087 


37^ 


Ohio, . 


Nov. 15, '85, 


3,720 


4,621 


1,160,165 


509,903 


29 


Oregon, . 


Jan. 1,'85, 


110 


239 


77,188* 




31 


Pennsylvania, 11 


Jan. 1, '85, 


19,964 


6,495 


1,697,202 


1,463,814 


40 


E,hode Island, . 


Oct. 23, '86, 


1,341 


391 


243,658 


84,872 


12 


South Carolina, 


Nov. 1, '85, 


6,521 


622 


87,649 


62,324 


55 


Tennessee, 


Jan. 1, '86, 


17,000 


954 


258,456* 




40 


Texas, 


Nov. 1,'85, 


4,237 


1,538 


347,846 


214,256 


37>£ 


Vermont, . 


Aug. 1,'S6, 


No debt. 


371 


107.264 


49,927 


10 


Virginia, . 


Oct. 1,'86, 


31,415 


1,366 


262,956 


84,884 


40 


West Virginia, 12 


Oct. 1, '86, 


- 


766 


116,746 


57,257 


35 


Wisconsin, 


Oct. 1, '88, 


2,252 


839 


381,584 


114,584 


18 1-10 


Aggregate, 


$230,247 


- 


$21,387,437 


- 



* Eeal and personal. 

1 California holds in trust for her school and university funds $2,690,000 of 
her bonded debt, on which interest only is payable, reducing the net debt to 
$354,500. 

2 Delaware has no State tax on property, and therefore no State valuation of 
taxable property. The State holds interest-paying securities of over one mil- 
lion, and is actually out of debt. 

3 All of Iowa's debt is invested in the school fund, the interest only being 
payable. 

4 Kansas holds $607,925 of its bonds in permanent school fund, beside a 
$21,000 sinking fund. 

6 Kentucky had $530,650 in sinking fund, and is practically out of debt. 



MAVERICK NATIONAL BANK. 



31 



Approximate Credit of States. 









Credit as 




Bonds 


Average Rate 


represented 
by Kate of In- 


State. 


in Thousands. 


of 


come realized 






Interest Paid. 


by Holder at 
current Prices. 


Alabama, 


9,193 


4.33 


4.13 


Arkansas, 1 . 








5,104 


- 


- 


California, 2 








3,948 


6.07 


- 


Connecticut,* . 






~" . 


4,271 


3.66 


3.20 


Delaware,* . 








901 


4.00 


— 


District of Columbia 


3 






14,981 


3.73 


2.88 


Florida,* . 








1,067 


- 


- 


Georgia, 4 . 








5,543 


5.8 


4.00 


Indiana,* . 








5,584 


6.5 


- 


Kansas,* 








906 


7.00 


- 


Kentucky,* 








674 


4.00 


- 


Louisiana, 5 . 








11,664 


4.00 


5.40 


Maiue,* 








5,157 


6.00 


— 


Maryland,* 








10,623 


4.67 


- 


Massachusetts, f. 








31,432 


5.00 


3.00 


Michigan, . 








231 


7.00 


3.80 


Minnesota,* 








4,026 


4.50 


— 


Missouri, . 








10,201 


5.71 


3.18 


Nebraska,* 








449 


8.00 


- 


New Hampshire, 






- 


5.70 


3.00 


New Jersey,* . 








i 1,396 


6.00 


- 


New York, 7 








8,302 


5.66 


2.52 


North Carolina, 8 








6,604 


4.88 


4.26 


Ohio," . 






. 


1,318 


3.73 


- 


Pennsylvania,* . 








17,085 


4.70 


- 


Rhode Island, . 








1,367 


6.00 


2.69 


'iouth Carolina, 10 








5,277 


6.00 


4.28 


Tennessee, 11 








10,353 


3.00 


4.50 


Texas,* 








4,018 


6.02 


_ 


Virginia, . 








31,415 


5.03 


7.57 



* No quotations. f Massachusetts has a sinking fund of $23,000,000. 

1 In default. 2 None in market. 

3 The 3.65a of 1924 and funding 5s of 1899 only quoted. Total debt, 
$18,164,550. 
* The 7s of 1890 and 4£s of 1915 only quoted. Total debt, $8,695,500. 
» The stamped 4s of 1914 only quoted. Total debt, $15,100,000. 
« The 6s, due on average in 1890, only quoted. Total debt, $11,551,000. 
' The 6s, due on average in 1390, only quoted. Total debt, $9,202,000. 
' The new 6s, due 1919, and new 4s, due 1909, only quoted. Total debt, 
$12,627,015. 

9 £asis is on outstanding bonds not to be redeemed this year. 
'° The " Brown Consols," due 1893, only quoted. Total debt, $6,522,111; bal- 
ance to be funded into brown consols. 
11 Settlement 3s of 1913 only. Total debt, $12,500,000. 



6 The State of Maryland held $4,513,799 in interest-paying securities of cor- 
porations, besides $27,723,237 in unproductive securities. 

7 Massachusetts held $20,287,493 in sinking fund. 

8 Of Minnesota's debt, $2,849,000 is held as permanent investment by school 
funds. 

8 Mississippi's debt was due the school fund to the amount of $2,404,566, on 
Which interest only is payable, leaving net debt, less cash in treasury, $331,725. 

w New York held in sinking fund, October 1, 1886, $5,051,073. 

11 Pennsylvania held $2,077,074 in sinking fund ; also in stocks of incor- 
porated companies, interest-paying, $7,300,000; net debt, $10,341,709. 

u Debt forbidden by Constitution. 



32 



MAVERICK NATIONAL BANK. 



Net Debts, Population, and Debt per Capita of Forty 
Leading Cities of the United States, Jan. 1, 1887, 
according to latest statements. 



Cities. 


Population. 


Net Debt. 


Net Debt 




[000 omitted.] 




Albany, 

Allegheny, . . ... 

Atlanta, 


100 

100 
60 


$3,024 
1,321 
2,223 


$30 
13 
37 


Baltimore, 

Boston, 

Brooklyn, . 

Buffalo, 


460 
400 
710 
225 


36,733 

25,600 

33,624 

8,050 


79 
64 

47 
35 


Charleston, 

Chicago, 

Cincinnati 

Cleveland, 

Columbus, 


60 
703 
300 
200 

74 


4,000 

12,592 

24,468 

6,500 

1,920 


67 
18 
82 
32 
26 


Detroit, . 


175 


1,907 


11 


Indianapolis 


105 


1,405 


13 


Jersey City, 


155 


16,000 


103 


Kansas City, . . - . . . . 


125 


851 


7 


Lowell, 

Louisville, 


70 
140 


2,451 
9,356 


35 

67 


Milwaukee, . 

Minneapolis, 


170 
160 


2,966 
2,231 


17 
14 


Nashville 

Newark, 

New Haven, 

New Orleans, 

New York City, 


65 

160 

76 

240 

1,400 


2,100 
11,750 
844 
18,491 
84,835 


32 
73 
11 

77 
61 


Paterson, 

Philadelphia 

Pittsburg, 

Providence 


70 

1,000 

200 

120 


1,100 
62,068 
11,800 

7,834 


16 
62 
59 
66 


Richmond, 

Rochester 


90 
100 


5,073 
5,515 


56 
55 


San Francisco, 

St. Joseph, 

St. Louis, 

St. Paul, 

Syracuse, 


300 
60 

450 

140 

67 


1,457 
2,000 
22,000 
4,030 
1,165 


5 
33 
49 
29 
17 


Toledo, 

Troy, . 


80 
60 


3,228 
752 


40 
13 


"Washington,* 

Worcester 


210 

70 


21,162 

2,188 


11 
81 



* Population and debt of the District of Columbia. 



MAVERICK NATIONAL BANK. 



33 



Average Kates of Interest Paid and Credits of 
Leading Cities of the United States. 



Cities. 



Average Eate 
Paid. 



Credit. 
Bat© Realized 
by Investor. 



Atlanta, Ga., 
Augusta, Ga., . 
Baltimore, . 
Boston, 
Brooklyn, . 
Chicago, 
Cincinnati, . 
Cleveland, . 
Columbus, Ga., . 
Detroit, 
Indianapolis, 
Louisville, . 
Lynchburg, Va., 
Minneapolis, 
Mobile, 
New York, 
Norfolk, Va., . 
Omaha, 

Petersburg, Va., 
Richmond, Va., 
Savannah, . 
St. Louis, . 
St. Paul, . 
Wilmington, N. C. 



6.70 
6.60 
6.70 
4.61 
6.46 
5.90 
6.53 
5.60 
5.14 
5.70 
6.84 
6.03 
6.39 
5.38 
4.50 
5.68 
6.25 



7.35 
6.05 
5.00 
5.60 
5.41 
6.73 



4.88 
5.00 
3.25 
3.50 
8.00 
3.65 
4.13 
S.75 
5.00 
3.50 
4.00 
4.25 
4.90 
4.25 
6.88 
2.75 
5.00 
4.50 
5.25 
4.38 
6.00 
3.50 
4.25 
5.50 



The cities of Massachusetts, outside of Boston, have 
credits ranging from 3.50 to 3.75 per cent. 



34 



MAVERICK NATIONAL BANK. 



Growth op American Cities of Fifty Thousand 
Population, 1790 io 1887. 

[000 omitted, 1840 to 1887.] 



Cities. 


1790 


1800 


1810 


1820 


1830 


1840 


1850 


1860 


1870 


1880 


1887* 


Albany, . 


3,498 


5,349 


9,356 


12,630 


24,238 


33 


50 


62 


09 


90 


100 


Allegheny, 


- 


- 


- 


- 


- 


- 


21 


28 


53 


78 


100 


Baltimore, 


13,503 


26,614 


46,555 


62,738 


80,625 


134 


169 


212 


267 


332 


460 


Boston, . 


18,038 


24,027 


32,250 


43,298 


61,392 


93 


136 


177 


250 


369 


412 


Brooklyn, 


1,603 


3,298 


4,402 


7,175 


12,042 


36 


96 


266 


396 


566 


710 


Buffalo, . 


- 


- 


1,508 


2,095 


8,653 


18 


42 


81 


117 


155 


225 


Cambridge, 


2,115 


2,453 


2,323 


3,295 


6,078 


8 


15 


26 


39 


52 


- 


Chicago, . 


- 


- 


- 


- 


- 


4 


29 


109 


298 


503 


703 


Cincinnati, 


- 


750 


2,540 


9,644 


24,831 


46 


115 


161 


216 


255 


300 


Cleveland, 


- 


- 


547 


606 


1,076 


6 


17 


43 


92 


160 


200 


Columbus, 


- 


- 


- 


1,450 


2,437 


6 


17 


18 


31 


51 


75 


Detroit, . 


- 


- 


770 


1,422 


2,222 


9 


21 


45 


79 


116 


175 


Indianapolis, . 


- 


- 


- 


- 


1,924 


2 


8 


18 


48 


75 


105 


Jersey City, . 


- 


- 


- 


- 


- 


3 


6 


29 


82 


120 


155 


Kansas City, . 


- 


- 


- 


- 


- 


- 


- 


4 


32 


55 


125 


Louisville, 


200 


359 


1,357 


4,012 


10,352 


21 


43 


68 


100 


123 


140 


Lowell, . 


- 


- 


- 


- 


6,474 


20 


33 


36 


40 


59 


70 


Milwaukee, 


- 


- 


- 


- 


- 


1 


20 


45 


71 


115 


170 


Newark, . 


- 


- 


- 


6,507 


10,953 


17 


38 


71 


105 


136 


1G0 


New Haven, . 


_ 


4,049 


5,772 


7,147 


10,180 


14 


20 


39 


50 


62 


76 


New Orleans, . 


5,500 


8,500 


17,242 


27,176 


46,310 


102 


116 


168 


191 


216 


240 


iN"ew York, 


33,131 


60,489 


96,373 


123,706 


203,007 


312 


515 


805 


942 


1,206 


1,400 


Paterson, 


- 


- 


- 


- 


- 


7 


11 


19 


33 


51 


70 


Philadelphia, . 


42,520 


70,287 


96,664 


108,116 


167,188 


258 


340 


562 


674 


847 


1,000 


Pittsburg, 


- 


1,565 


4,708 


7,248 


12,542 


21 


46 


49 


86 


156 


200 


Providence, . 


6,380 


7,614 


10,071 


11,767 


16,832 


23 


41 


50 


68 


104 


120 


Richmond, 


3,761 


5,537 


9,735 


12,046 


16,060 


20 


27 


37 


51 


64 


90 


Rochester, 


- 


- 


- 


1,502 


9,269 


20 


36 


48 


62 


89 


100 


St. Louis, 


- 


- 


1,600 


4,598 


5,852 


16 


77 


160 


310 


350 


450 


San Francisco, 


_ 


- 


- 


- 


- 


- 


34 


56 


149 


233 


300 


Syracuse, 


- 


- 


- 


1,814 


6,929 


11 


22 


28 


43 


51 


67 


Toledo, . 


- 


- 


- 


- 


- 


1 


3 


13 


31 


50 


80 


Troy, 


- 


- 


4,926 


5,264 


11,605 


19 


28 


39 


40 


56 


60 


Washington, . 


- 


3,210 


8,208 


13,247 


18,827 


23 


40 


61 


109 


147 


210 


Worcester, 


" 


2,095 


2,577 


2,962 


4,172 


7 


17 


24 


41 


58 


70 



In 1830, only six and one-half per cent, of the popula- 
tion lived in towns of eight thousand inhabitants and 
upwards ; in 1880 the proportion had risen to twenty-two 
per cent. 

* Estimated. 



MAVERICK NATIONAL BANK. 



35 



Foreign Municipal Indebtedness. 
Mulhall gives the following figures illustrating the pub- 
lic indebtedness of fourteen European cities, in millions 
of pounds : — 



Cities 






Debt 
(Millions £). 


Per 
Inhabitant. 


Valuation 
(Millions £). 


Debt to 
Valuation. 


London, 






20.6 


£5 7 


689 


3.0 


Paris, . 






85.3 


34 5 


320 


26.7 


Berlin, . 






5.6 


5 3 


164 


3.5 


Liverpool, . 






21.6 


39 12 


66 


32.5 


Manchester, 






6.2 


10 18 


62 


10.0 


Birmingham, 






6.1 


15 


28 


21.8 


Leeds, . 






3.5 


11 7 


22 


15.8 


Rome, . 






2.3 


7 16 


14 


16.0 


Buda-Pesth, 






1.3 


4 5 


44 


2.9 


Bradford, . 






3.4 


19 


18 


18.9 


Breslau, 






1.3 


5 6 


- 


- 


Bristol, 






0.6 


2 18 


16 


3.8 


Munich, 






1.5 


6 


15 


10.0 


Newcastle, . 






0.7 


4 17 


14 


5.0 



The cities of Great Britain in 1885 owed a total debt 
of £153,000,000 ($765,000,000), while the American 
cities, though possessing a greater aggregate population 
and wealth, owed but $75,000,000 (£15,000,000). The 
total State and municipal debts of the United States 
only aggregate $865,000,000 (£173,000,000). 



CHAPTER IV. 



WATER -WORKS BONDS. 



Their Security as Investments. — The History of "Water Supply for Cities.— 
Conduit Data. — Comparisons of Large Gravitation Works. — London's 
Water Supply. — History of American Water-Works. — Cost, Expenses, 
and Revenue — Financial Statistics of Leading Water- Works. 

As water-works bonds are rapidly growing in favor 
with conservative investors, the Maverick National Bank 
has made a specialty of these securities, and would be 
pleased at any time to hear from parties wishing to learn 
of desirable investments, or from cities or towns contem- 
plating water- works enterprises. This bank has placed 
many loans of water companies, and has yet to learn of 
a dissatisfied investor. 

Mortgage bonds of this class net the investor from four 
to eight per cent., with probably less of risk or doubt than 
any other securities. In the first place, water-company 
bonds are a mortgage upon productive property, of which 
the productiveness is constantly increasing. The first 
distribution of water is to the heart of the city, but 
extensions are made until a large territory is supplied. 
Thus in a few years the first outlay has often been 
doubled, and the bondholders' security correspondingly 
increased, as the mortgage always covers all property 
owned and all that may be acquired. A sinking fund 
reduces the bonded debt, which steadily diminishes as the 
value of the security increases. 

Again, the property of a water company is not subject 



MAVERICK NATIONAL BANK. 37 

to fire risk, but the fire risk upon other property gives it 
additional value. Usually the company has a supply 
contract for the fire department, the proceeds of which, 
known as " hydrant rental," often guarantee the major 
part of the bond interest. 

The system of advance payments effectually shuts out 
bad debts, which have crippled so many corporations 
engaged in manufacturing or mercantile pursuits. Col- 
lections are made without cost to the company, by 
requiring all customers to pay promptly at the office. 

Fluctuations and depressions in prices or profits are 
unknown to water companies. They furnish a universal 
necessity at fixed rates lower than customers can obtain 
it by any other method. General business may flag, but 
neither rich nor poor can ever economize on water ; there 
is no substitute for it. Many of the water companies of 
the United States have freed themselves entirely from 
debt. 

Competition is not a factor in the calculations of com- 
panies organized to construct water- works. No city has 
two water companies attempting to cover the same terri- 
tory, though a few cities have had different sections 
supplied by different companies. The legislative charter 
granted to water companies usually secures to them the 
exclusive privilege of supplying water, for a period of 
from twenty-five to fifty years, in order to encourage an 
outlay of capital in a manner so beneficial to any town or 
city. Furthermore, the community would not submit to 
have the streets torn up continually for the purpose of 
keeping two systems of pipe in repair. 

Should a municipality seek to compromise its funded 
debt, it cannot avoid paying its water obligations, as the 
company has a legal right to shut off the supply. If this 
extreme measure were resorted to, rates of insurance 
would be raised correspondingly to meet the increased 



38 MAVEEICK NATIONAL BANK. 

risk ; and in this case public opinion would compel the 
public officers to settle speedily with the water company. 

In the whole history of water-works there have been 
but three instances of foreclosure of first-mortgage bonds, 
and in these cases no loss was sustained by the holders. 
City governments have often defaulted, repudiated, or 
compromised without affecting the value of the bonds of 
the water companies supplying those cities. The city 
of Elizabeth, X. J., has been in default for a number of 
years, but the water company has paid seven per cent. 
interest on 8400,000 of bonds since 1854. The works 
originally cost 81,000,000, yet the former amount is their 
only funded indebtedness. It is evident that no other 
class of securities can show such a record of immunity 
from risk. 

In conclusion, it only remains to be said that the 
security of a water-company bond is at its minimum when 
issued, and is augmented yearly by the inevitable growth of 
the plant and the consequent increase in net earnings. 
Hence, if the security is sufficient to justify a purchase 
at the time of issue, that security will surely be added 
to every year during the life of the bond. For example, 
Denver (Col.) Water Company bonds, issued at par and 
interest, are now 81.30 and interest, with none for sale ; 
Austin (Tex.) TVater Company, sold at par and interest 
in 1877, have reached a premium of 81.35 for firsts and 
81.16J for seconds; Xew Albany (Ind.) water bonds, 
floated at par, sell at 81.20 ; and those of the Fail' Haven 
(Xew Haven, Conn.) Water Company, sold at par, are 
worth 81.20. Without exception, so far as is known, the 
old issues of bonds of water companies in all parts of the 
United States are held at large premiums. They have 
been purchased to the extent of over 81,000,000 by a 
leading insurance company of Philadelphia. A Massa- 
chusetts company also holds about 8600,000 ; and they 



MAVEKICK NATIONAL BANK. 39 

are being bought in large amounts by national, state, and 
savings banks, institutions, and investors throughout the 
Union. 

The difference between bonds of water companies and 
municipal water loans will readily be seen. The works 
are managed more effectively and profitably ; the citizen 
is relieved of taxation ; and the bondholder has a direct 
lien upon the entire property, whereas if it were conducted 
by the city he would have little preference over other 
creditors. His security is ever increasing, special, full, 
and absolute. 

Early History of Water Supply. 
During the first century of our era the water supply of 
ancient Rome was so abundant " that whole rivers of 
water flowed through the streets." It has been estimated 
at 375,000,000 gallons per day, or 375 gallons for each 
inhabitant, and was conducted through nine costly con- 
duits of masonry, in whose construe! ion wonderful 
engineering skill was shown. Their aggregate length 
was 240 miles. The principal aqueducts were the Aqua 
Martia, erected 431 B. C, 38 miles in length, and partly 
composed of 7,000 arches ; the Aqua Claudia, a subter- 
ranean channel for 3G|- miles, for 10 J miles a surface 
conduit, 3 miles a vaulted tunnel, and 7 miles on lofty 
arcades, with a capacity of 96,000,000 gallons daily ; and 
the Nova Anio, which was 43 miles in length. Some of 
these aqueducts rose in three distinct arches, which con- 
veyed water from sources of different elevations. In 
Constantinople, the capital of the Eastern Empire, the 
Romans left numerous subterraneous reservoirs covered 
with stone arcades resting on pillars. In France, also, 
the famous Pont du G-ard aqueduct, which supplied the 
town of Nismes, is still an object of interest. It consists 
of 3 tiers of arches, the lowest of 6, supporting 11 of 



40 MAVERICK NATIONAL BANK. 

equal span in the central tier, surmounted by 35 of 
smaller size. Its height is 180 feet, with a channel 5 
feet high by 10 wide ; the capacity was estimated at 
14,000,000 gallons per day. 

India is noted for numerous ancient impounding 
reservoirs of vast dimensions. The Poniary reservoir 
has an area of 50,000 acres and banks 50 miles in extent, 
In Mexico and Peru the aborigines left water channels 
of wonderful length. The great aqueduct of Peru, built 
by the Incas, was 360 miles long. 

The works of the Romans left nothing to be improved 
upon in the method of transporting water from a distance 
until recent times ; but in the early part of this century 
it was found that by sinking artesian wells a supply 
could be obtained more economically. 

Artesian Wells. 

The famous well at Grenelle, France, was begun by 
the government in 1834, and after repeated failures water 
was reached at the depth of 1,798 feet in 1843. Its bore 
is 3 J inches; capacity, 600 gallons per minute; height 
of flow, 128 feet ; temperature, 82 degrees. It cost 
300,000 francs. The Passy well near Paris is in the 
same stratum, 1,923 feet deep, with a capacity of 
5,582,000 gallons per day. Paris has two other wells, 
both started in 1866, the La Chapelle and the Butte aux 
Caelles. The Kent Water- Works of London is supplied 
by wells in the chalk formation, yielding 9,000,000 
gallons daily. Liverpool has four wells, with a combined 
daily capacity of 6,000,000 gallons ; and Birmingham has 
four wells, supplying 8,000,000 gallons per day. The 
Desert of Sahara has a number of bored wells, some 
yielding as high as 1,500,000 gallons per day. 

In this country, St. Louis has a well 3,147 feet deep. 
Louisville has a three-inch well 2,086 feet deep, with a 



MAVERICK NATIONAL BANK. 41 

capactiy of 600 gallons per minute. Charleston has two, 
— one, 1,250 feet deep, discharging 25,000 gallons daily ; 
and another, 1,970 feet deep, of which data are not given. 
The State of Ohio has repeatedly failed in the attempt to 
supply Columbus in this way. Dubuque is supplied by a 
spring accidentally struck in tunnelling a neighboring 
drift. Cincinnati has nine wells, sunk by private enter- 
prise. The deepest well in the world is near Berlin, 
4,194 feet deep, without reaching the salt formation. 
The Chinese practised well-boring two thousand years 
ago, the method being the percussive action of a tool 
suspended by a flexible rope. 

Modern Water Supply. 

Aqueducts are now universally superseded by the plan 
of subterranean pipes as adopted by Hawksley at Liver- 
pool and Batoman at Glasgow. The last one built on the 
Roman plan is the Marseilles conduit, whose engineer 
imitated the Pont du Gard, at a cost of three times that 
of a system of inverted syphon pipes. The Glasgow 
system has 13 miles in tunnels, 3 J miles iron piping across 
valleys and 9 miles of open cutting and bridges. The 
Aberdeen works has a 36-inch syphon, 1,200 feet long, 
across Cullen Burn, supported by granite piers. One of 
the syphons for supplying Madrid crosses a valley 4,560 
feet in length, and consists of four lines of cast-iron pipes 
3 feet in diameter. Dublin is supplied through 30,336 
yards of 33-inch and 8,272 }^ards of two lines of 27-inch 
cast-iron pipes, with three relief tanks and an average 
fall of 20 feet per mile ; capacity, 20,000,000 gallons per 
day. 

The following tables, compiled from the best authori- 
ties, give details in regard to the construction and princi- 
pal physical features of the most important conduits and 
gravitation works of Europe and the United States : — 



42 



MAYERICK NATIONAL BANK. 



Conduit Data. 





Width 


Height 


Depth of 


Daily deliv- 


Tctal Daily 


Localities. 


in 

Feet. 


in 
Feet. 


Water 
in Feet. 


ery at given 

Depth, U. S. 

Gallons. 


Capacity, 

U. S. 
Gallons. 


Cochituate, Boston, 


5. 


6.333 


6.333 


16,398,000 


16,500,000 


Croton, N. Y 


7.47 


8.458 


6. 0S3 


59.340,000 


100,000,000 


Washington, .... 


9. 


9. 


3.465 


27,560,000 


100,000,000 


Brooklyn, .... 


10. 


8.667 


5. 


- 


70,000,000 


Sudbury, Boston, . 


9. 


7.667 


5.3 


- 


70,000,000 


Baltimore 


9. 


p. 


- 


- 


170.000,000 


Loch Katrine, Glasgow, 


8. 


8. 


6.85 


60,000,000 


60,000,000 


Canal of Isabel III., Madrid, 


7.052 


9.184 


- 


- 


52,000,000 


Vanne, Paris, 


6.6 


6.6 


5. 


- 


23,500,000 


Dhues, 


2.3 


3.5 


- 


- 


5,500.000 


Pont du Qard, Nismes, 


4. 


_ 


3.333 


_ ■ 


14,000,000 


Pont Pyla, Lvons, 


1.833 


- 


1.833 


- 


- 


Metz, 


3.167 


~ 


2.167 


~ 


- 



Comparison of Large Gravitation Works. 





Dis- 






Height of 






Localities. 


tance 

of 
Source 


No. 
Acres of 
Water- 


Capacity of 
Storage in 
Gallons. 


Source 
above 
City 


Capacity 
of Aque- 
duct, in 


Popula- 
tion. 




in 


shed. 


Level, 


Gallons. 






Miles. 






in Feet. 
















Millions. 




New York, . 


40 


216,844 


9 hillions. 


160 


92 


1,400,000 


Boston, 


16 


100,000 


- 


134 


86 


412,000 


Baltimore, 


7 


- 


765 millions. 


165 


170 


332,190 


Liverpool, 


_ 


10,000 


4 billions. 


- 


17 


600,000 


Manchester, 


18 


19,390 


6 " 


790 


39 


750,000 


Glasgow, . 


25% 


47,800 


12 


- 


50 


550,000 


Dublin, . 


21.6 


14,080 


IV* " 


692 


20 


330,000 



London is supplied by eight water companies, which, 
however, are not in competition, each covering its allotted 
section of the city. The total statistics were, in July, 
1875: Population, 3,713,108; miles of pipe, 3,074; 
daily average consumption from Thames, 64,791,000 
gallons ; other sources, 57,528,000 gallons ; total daily, 
122,319,000 gallons. The total capital invested is about 
$51,900,000. 



MAVERICK NATIONAL BANK. 43 



History of American Water- Works. 

It is believed that the first public water-works in the 
United States were built at Bethlehem, Pa., in 1754. 
Between that date and 1801 only ten towns erected water- 
works. Among these were New York and Providence. 
New York was supplied in 1799, and Philadelphia in 1801 ; 
the water in both cases being pumped by steam, and dis- 
tributed through bored wooden logs. 

At present, according to the Engineering News' statis- 
tical tables, there are known to be 1,402 water-works in 
operation, or nearly complete, and a large number of pro- 
jected works are reported as likely to be soon built. 

The increase of works for water supply has not been 
regular, as will be seen from the following statement of 
works erected in each decade since the beginning of the 
present century : — 



-■&' 



1801-1810, 13 

1811-1820, 5 

1821-1830, 14 

1831-1840, . 13 

1841-1850 28 

1851-1860 52 

1861-1870, 79 

1871-1880, 354 

1881-1886, 623 

In addition to these there are 212 works the date of 
construction of which has not been ascertained. 

Of the 1,402 towns supplied, seven have duplicate 
works. The supply in 544 towns is controlled by the 
public authorities and 675 by private corporations, the 
ownership of 183 works being unknown in consequence 
of the managers' neglect to reply to inquiries. 

As regards the mode of supply, the water is furnished 
to 421 towns by gravity, to 553 by pumping into reser- 
voirs, tanks, or stand-pipes, and to 260 by pumping 
directly into the mains without the intervention of any 



44 MAVERICK NATIONAL BANK. 



apparatus for equalizing the flow or the pressure. From 
168 towns no data could be obtained. 

New York was supplied with Croton water in 1842 by 
a brick aqueduct, 38 miles long, crossing Harlem River 
by High Bridge. The watershed of the Croton has an 
area of 338.82 square miles. The storage capacity is 
9,000,000,000 gallons, and the capacity of the aqueduct 
92,000,000 gallons daily. There are three distributing 
reservoirs with an aggregate capacity of 1,374,000,000 
gallons, and one of 10,750,000 gallons for high service. 
Average daily consumption, 95,000,000 gallons ; number 
of taps, 77,000. All buildings are assessed by frontage 
tax beside usual water rates, which are 7^- cents per 1,000 
gallons. 

Philadelphia is supplied by water and steam power 
pumping. The available capacity is about 100,000,000 
gallons daily. Capacity of the pumps, 72,000,000 gallons. 
There are 1G reservoirs, aggregating 200,000,000 gallons 
storage capacity. Miles of pipe, 746. Daily average 
consumption, 58,000,000 gallons; largest, 80,500,000 
gallons. Total receipts, 1880, nearly $1,500,000; ex- 
penditures, about $400,000. Laying of water pipes is 
assessed on abutting property. Total profits, 1855 to 
1880, over $12,000,000. 

The Brooklyn system is pumping, with reservoir dis- 
tribution, water being gathered from a drainage area of 
60^ square miles on the southern slope of Long Island by 
intercepting ponds and conducted through masonry con- 
duit to the pump well, 7 miles from East River. The 
storage reservoir has a capacity of 1,000,000,000 gallons. 
The daily water supply is about 44,000,000 gallons ; miles 
of pipe, 351 ; average daily consumption, 30,750,000 
gallons; taps, 60,000; meters, 859. 

Chicago is supplied from Lake Michigan by a system of 



MAVERICK NATIONAL BANK. 45 

cribs, and constant pumping through stand-pipes. There 
are 450 miles of pipe. The average daily consumption is 
about 58,000,000 gallons. The city has now outgrown 
the old system, and vigorous measures are being taken to 
increase the water supply. 

Boston has three sources of supply, — a brick conduit 
from Lake Cochituate, 14. G miles in length; a second of 
masonry, 16 miles long, from the Sudbury River ; and the 
Mystic River system, which is separate. The first two 
have reservoirs with a total capacity of 692,000,000 
gallons, and can give a daily supply of 76,000,000 
gallons. The miles of pipe are 500 ; the average daily 
consumption, 36,000,000 gallons ; and the number of 
water takers, 68,334. 

The New England States have 275 water-works, or one 
to every 240 square miles ; the Middle States about 400, 
or one to every 288 square miles ; in the South, the pro- 
portion is relatively much less, owing to sparse population. 
Massachusetts alone has 128 systems ; and Rhode Island, 
with but little over 1,000 square miles of territory and 
300,000 population, has 15. In the United States there 
are about 1,500 water-work systems, and over 100 new 
ones are projected, many in the South and West. Within 
fifteen years over 1,000 have been built, and since 1880 
the increase has been 623. The total capital invested is 
estimated at $300,000,000. 

Cost, Expense, and Revenue of Water- Works. 

The cost of constructing water-works varies greatly, 
according to local features, etc. In Great Britain gravi- 
tation projects cost from $10 to $13, and pumping 
schemes from $7 to $10 per inhabitant. 



46 



MAVERICK NATIONAL BANK. 



The following table shows the average cost per head 
for eight British cities : — 



London, 
Bradford, 
Halifax (Eng.), 
Dundee, 



$20 
35 



30 



Liverpool, 
Glasgow, 
Manchester, 
Sheffield, 



$20 
30 
12 
12 



The average cost per head for a supply of 20 imperial 
gallons per day for 66 towns by gravitation was $8 ; for 
48 towns, with pumping system, $5.80; 11 towns, both 
systems, $7. 

This table shows the comparative cost per head of con- 
struction of works in seventeen American cities : — 



Town. 


System. 


Cost per 
Capita. 


Towx. 


System. 


Cost per 
Capita. 


Detroit, 
Newark, 

Wilmington, Del. 
Buffalo, 
Cincinnati, . 
Milwaukee, . 
Columbus, . 
Louisville, 








$23 11 

19 OS 

20 73 

18 19 
26 20 

19 25 
18 14 
25 14 


Cleveland, . 
Providence, 
Boston, 
Hartford, . 
New York, . 
St. Louis, . 
Chicago, 


G-ravity, 
Gravity, 
Gravity, 

Pumping, 


$16 84 
52 74 
44 46 
35 60 
34 38 
26 07 
17 49 



The following table shows the receipts per mile of pipe 
per annum of the leading water companies of the United 
States, cost of maintenance, and comparative rates : — 



MAVERICK NATIONAL BANK. 



47 



City. 


Receipts 

per Mile. 


Revenue in 
Gents per 
1,000 Gals. 


Cost in 
Cts. ; Main- 
tenance per 
1,000 Gals. 


Rates per 

1,000 Gals., 

in cents. 


Chicago, 


$2,022 


4.12 


1.18 


10 


New York, 








3,200 


4.7 


1.00 


7^ 


Philadelphia, 








1,932 


5.77 


1.28 


15 


Boston, . 








2,730 


- 


- 


10 to 40 


Brooklyn, 








3,307 


- 


- 


15 


Louisville, 








1,600 


- 


- 


- 


Baltimore, 








2,183 


- 


- 


13>£ 


St. Louis, 








3,112 


6.91 


2.55 


- 


Cincinnati, 








2,647 


7.01 


2.6 


10.2 


Cleveland, 








1,611 


5.43 


1.5 


6 to 12 


Detroit, . 








1,821 


4.09 


.82 


- 


Buffalo, . 








2,060 


3.50 


1.00 


20 to 30 


Milwaukee, 








1,500 


- 


- 


- 


Indianapolis, 








1,746 


- 


- 


- 


Columbus, 








1,128 


- 


- 


7 to 20 


Pittsburg, 








3,556 


_ 


- 


- 


Washington, 








397 


- 


- 


- 


Toledo, 


618 


~ 


~ 


- 



The average dividend paid by the water companies of 
Great Britain for 1SS0 was 7 per cent. 

Financial Statistics. 

The following table, condensed from statistics of the 
Engineering News, gives financial details of the principal 
water-works in the United States and Canada : — 

UNITED STATES. 



Town and State. 


Popula- 
tion. 


When 
Built. 


Cost of 
Construc- 
tion. 


Debt. 


Rate of 
Interest. 


New York, N. Y., . 


1,500,000 


1842 


$40,000,000 


_ 


_ 


Philadelphia, Pa., 


850,000 


1801 


- 


- 


- 


Brooklyn, N. Y., . 


600,000 


1859 


12,858,000 


- 


- 


Chicago, 111., . 


525,000 


1840 


10,416,444 


$3,955,000 


4, 6 and 7* 


Boston, Mass., . 


412,000 


1848, '64, '78 


19,829,911 


14,056,474 


3£, 4^ and 65* 


St. Louis, Mo., . 


360,000 


1867, '73, '83 


13,000,000 


5,200,000 


6* 


Baltimore, Md., 


350,000 


1804, 1880 


10,738,018 


9,500,000 


4, 5 and 6£ 


San Francisco, Cal., . 


250,000 


1859 


17,000,000 


5,000,000 


5* 


New Orleans, La., . 


217,000 


1833 


2,397,000 


395,000 


6* 


Washington and 












Georgetown, D.C., 


160,000 


1853 


8,000,000 


875,000 


3* 


Buffalo, N. Y., . 


160,000 


1852 


4,157,609 


2,828,382 


3, 5 and 7* 


Cleveland, Ohio, 


161,000 


1853 


4,569,374 


1,775,000 


3£ to 7 % 



48 



MAVERICK NATIONAL BANK. 



Financial Statistics — Concluded. 



Towx and State. 


Popula- 
tion. 


When 
Built. 


Cost of 
Construc- 
tion. 


Debt 


Rate of 
Interest. 


Pittsburg, Pa., . 


160,000 


1824, 1876 


_ 


$4,500,000 


6 and 7 


Newark, N. J., . 


137,000 


1800 


- 


3,485,000 


- 


Jersey City, N. J., . 


125.000 


1352 


$4,950,000 


4,833,000 


- 


Louisville, Ky., 


125,000 


1860 


4,759,790 


900,000 


6* 


Detroit, Micb., . 


120,000 


1827, 1875 


3,619,4S9 


1,451,000 


4, 6 and 7 t 


Milwaukee, Wis., 


120,000 


1873 


2,589,341 


1,505,000 


4 to 7* 


Providence, R. I., 


105,000 


1772, 1870 


6,234,672 


5,500,000 


5 and 6 $ 


Albany, X. Y., . 


91,000 


1813, 1850 


- 


1,039,000 


4, 6 and 7 <t 


Rocbester, X. Y., . 


90,000 


1876 


3,741,123 


3,182,000 


7* 


Indianapolis, Ind., . 


80,000 


1870 


- 


550,000 


6* 


New Haven, Conn., . 


65,000 


1862 


1,500,000 


125,000 


it 


Lowell, Mass., . 


60,000 


1S72 


2,388,218 


1,890,000 


6* 


Troy, N. Y., . 


57,000 


1833, 1880 


1,149,084 


443,500 


it 


Cambridge, Mass., . 


53,000 


1855 


2,087,378 


1,747,500 


- 


Syracuse, X. Y., 


52,000 


1329 


727,000 


200,600 


6 and 7 * 


Columbus, 0., . 


52,000 


1870 


1,086,771 


772,000 


4 and 6 i> 


Toledo, 0., 


51,000 


1874 


1,250,000 


1,000,000 


8* 


Minneapolis, Minn., . 


50,000 


1867 


953.119 


615,000 


*&* 


St. Paul, Minn., 


45,000 


1870 


1,690,744 


1,660,000 


4, 5 and 8 <?, 


Hartford, Conn., 


45,000 


1854 


1,623,485 


912,000 


- 


Wilmington, Del., . 


43,000 


1804, 1875 


625,000 


5S5.000 


- 


Lawrence, Mass., 


40,000 


1873 


1,894,654 


1,300,000 


6* 


Lynn, Mass., 


40,000 


1869 


1,410,758 


1.107,700 


4 and 6 ;( 


Denver, Col., . 


40,000 


1872 


600,000 


350,000 


8 and 10 $ 


Dayton, 0., 


40,000 


1870 


571,526 


562.000 


4?6 


Atlanta, G-a., . 


40,000 


1875 


450,000 


440,000 


It 


St. Josepb, Mo., 


35,000 


1880 


908,000 


400,000 


6* 


Springfield, Mass., . 


35,000 


1843. 1873 


1,306,187 


1,200,000 


6 and 7 t 


Memphis, Tenn., 


34,000 


1372 


500,000 


100,000 


6 56 


Portland, Me., . 


34,000 


1369 


- 


1,300,000 


5 and 6 $ 


Grand Rapids, Mich., 


33,000 


1875 


435,066 


382,000 


81 


Savannah, G-a., . 


31,000 


1854 


1,000,000 


None. 


— 


Peoria, 111., 


30,000 


1363 


450,000 


450,000 


6* 


Evansville, Ind., 


30,000 


1870 


500,000 


300,000 


7 3-10 * 


Covington, Ev., 


30,000 


1870 


400,000 


300,000 


-t 


Trenton, N. J., . 


30,000 


1803, 1852 


422,951 


265,000 


5 and 6 t 


Elizabeth, N. J., 


23,500 


1854 


1,000,000 


400,000 


It 


Erie, Pa 


23,000 


1840, 1863 


891,548 


675,000 


7* 


New Bedford, Mass., 


27,000 


1865 


1,217,592 


850,000 


7 to it 


Fort Wayne, Ind., . 


27,000 


1880 


230,000 


260,000 


6* 


Terre Haute, Ind., . 


27,000 


1873 


345,000 


100,000 


8* 


Petersburg, Va., 


22,000 


1856 


150,000 


125,000 


8* 


Poughkeepsie, N. Y., 


21,000 


1870 


581,845 


550,000 


It 


Springfield, 0., . 


21,000 


1883 


419,596 


440,000 


$t 



CANADA. 



Toronto, Ont., . 


87,000 


1841, 1873 


2.430,000 


2,430,000 


4, 5 and 6 t 


Quebec, 


63,000 


1851 


2,000,000 


1,750,000 


6 and 7 t 


Montreal, . 


141,000 


1801, 1356 


6,131,888 


6,000,000 


4 and 6 t 


Halifax, N. S., . 


36,200 


1848 


741,000 


741,000 


5 and 6 t 


Hamilton, Ont., 


36,000 


1859 


1,250,000 


900,000 


6> 


St. Johns and Port- 












land, N. B., . 


32,000 


1838 


999,180 


999,1S0 


4, 5 and 6 * 


St. Johns, N. F., 


31,000 


1847, 1862 


412,000 


412,000 


5* 



CHAPTER V. 



WHAT ARE SAVINGS BANK SECURITIES? 



A-bstract of the Laws regulating the Investment of Savings Bank Funds. — 
The Growth of Savings Banks. — Savings Bank Statistics of the United 
States. 

While in England no laws were passed affecting the 
organization of savings banks until 1817, in Boston, one 
was incorporated Dec. 13, 1816, and began business in 
the following spring. In 1818 this was followed by the 
incorporation of savings banks in Salem, Mass., and 
Baltimore; and' one in Philadelphia in 1819. In the 
latter year they appeared in Hartford, Conn., Newport 
and Providence, R. I., Bristol, R. I., and Portland, Me. 

Savings Banks Statistics. 





Deposits 


Deposits 


Deposits 




1885-86. 






at close 


at close 


May 31, 








of 1860. 


of 1870. 


1880. 
















Number of 


Amount of 


Average 




[00 


000 omittc 


d.J 


Depositors. 


Deposits. 


to each 
Depositor. 


Maine, . 


$1,5 


$16,6 


$21,6 


109,398 


$35,1 


$320 


New Hampshire, . 


5,6 


21,5 


28,2 


121,216 


47,2 


389 


Vermont, 


1,1 


2,3 


6,9 


49,453 


11,7 


237 


Massachusetts, 


45,0 


135,7 


199,3 


848,787 


275,0 


324 


Rhode Island, 


9,0 


30,7 


39,2 


116,381 


51,8 


445 


Connecticut, 


19,3 


55,3 


73,5 


256,097 


92,5 


361 


New York, . 


67,4 


230,7 


318,1 


1,208,072 


457,0 


378 


New Jersey, 


*4,5 


20,0 


17,4 


91,681 


25,3 


276 


Pennsylvania, 


*8,0 


*15,0 


30,4 


143,645 


37,5 


261 


Maryland, . 


*6,0 


*12,0 


21,7 


*77,212 


30,5 


595 


Washington, 


- 


- 


3 


7,605 


8 


104 


Delaware, 


- 


- 


1,2 


- 


- 


- 


Southern States, . 


_ 


- 


1,4 


- 


_ 


_ 


Ohio, . 


- 


- 


9,6 


*34,553 


12,8 


3T1 


Indiana, 


- 


- 


- 


- 


2,2 


- 


Minnesota, . 


- 


- 


- 


14,361 


3,6 


254 


California, . 


*1,0 


36,5 


44,2 


*80,489 


60,4 


751 


Total, . 


$168,8 


$576,4 


$813,3 


3,158,950 


$1,143,7 


$361 



* Estimated. 



50 MAVERICK NATIONAL BANK. 

Savings Bank Securities. 

The following is a condensed statement of the laws of 
the New England States and of New York, denning the 
classes of securities in which savings banks may invest. 

The limitations as to the amount of funds or proportion 
of deposits which may be invested in any one class of 
securities are not in all cases given. For these, reference 
should be had to the savings bank laws of each State, 
compilations of which usually accompany the annual 
reports of the savings bank commissions. 

New Hampshire has no restrictive laws regarding 
savings bank investments. 

Massachusetts Savings Banks 
May invest as follows : — 

1. Not more than seventy per cent, of deposits in first 
mortgages upon Massachusetts real estate not exceeding 
sixty per cent, of valuation. 

2. In public funds of United States, any New England 
State or New York, or bonds or notes of any city, county, 
town, or incorporated district of Massachusetts or any 
city of New England whose net indebtedness does not 
exceed five per cent, of valuation for taxation purposes ; 
or of any county or town thereof whose net debt does not 
exceed three per cent, of such valuation ; or in notes of 
Massachusetts citizens with pledge of any of these securi- 
ties at no more than par value. In bonds of Pennsylvania, 
Ohio, Michigan, Indiana, Illinois, Wisconsin, Iowa, and 
District of Columbia, or any city in these States or in the 
State of New York (issued for municipal purposes) having 
more than 30,000 inhabitants and debt not exceeding five 
per cent, of valuation, and in notes of Massachusetts 
citizens with these as collateral pledged at not exceeding 
eighty per cent, of market value. 

3. In the first mortgage bonds of any New England rail- 



MAVERICK NATIONAL BANK. 51 

road company (not street railway) operating its own road 
and that has paid regular dividends for the two preceding 
years ; in first mortgage railroad bonds guaranteed by 
such company ; in notes of Massachusetts railroad 
companies, with road located wholly or in part in Mas- 
sachusetts, unencumbered by mortgage and which has 
paid dividends of not less than five per cent, per annum 
for preceding two years, or in notes of Massachusetts 
citizens with above as collateral at not above eighty per 
cent, of par. 

4. In stocks of Massachusetts banks or any United 
States bank located in New England, or in loans on bank 
stocks to citizens at not above eighty per cent, of market 
value and not exceeding par ; not more than thirty-five 
per cent, of deposits to be thus invested or more than 
three per cent, in stock of one bank. 

5. May loan fifty per cent upon depositors' books as 
security. 

6. One-third part of deposits may be invested in 
personal securities, not exceeding one year to run, with 
at least two sureties, and all residents of Massachu- 
setts. 

7. Ten per cent, of deposits, but not more than 
$200,000 in lot and building for its own business. 

8. In real estate acquired by foreclosure, but it must be 
sold within five years after title is acquired. 

Maine. 
The savings banks of this State may invest — 
In public funds of any New England State, or county, 

city, or town therein ; in United States funds ; in any 

United States bank or Maine State bank. 

In bonds of cities (not less than 10,000 inhabitants) 

in New York, Pennsylvania, Maryland, Ohio, Indiana, 

Illinois, Kentucky, Michigan, Wisconsin, Minnesota, 



52 MAVERICK NATIONAL BANK. 

Iowa, Missouri, Kansas, and Nebraska, and in public 
funds of any of these States, and in bonds of counties 
of these States having 20,000 population, when not 
issued in aid of railroads ; but where the city or county 
debt exceeds five per cent, of valuation (except the 
city of St. Louis) investment is forbidden. 

In first mortgage bonds of any completed railroad of 
the above-named States or of New Jersey, and in the 
first mortgage bonds of the Central Pacific, Union Pacific, 
and Northern Pacific, and in first mortgage bonds of 
Maine railroads ; in stock of any dividend paying rail- 
road in New England ; in stock of any unmortgaged 
Maine road ; in first mortgage bonds of Maine water 
companies supplying for domestic use and fire extin- 
guishment purposes cities or towns of not less than 
2,500 inhabitants. 

In the stock and bonds of any other Maine corpora- 
tions issuing and regularly paying five per cent, per 
annum. 

In first mortgages of real estate in Maine or New 
Hampshire not exceeding sixty per cent, of value. 

In notes with a pledge as collateral of an}' of the 
aforesaid securities, including Maine savings bank 
books and the stock of any railroad company at not 
above seventy-five per cent, of its market value. 

In loans to corporations having real estate and doing 
business in Maine. 

In pledge or mortgage of such other personal property 
as, in the judgment of the trustees, it is safe and for the 
interest of the bank to accept. 

Not exceeding five per cent, of deposits, or $100,000 in 
amount, may be invested in a bank site and building:. 

Banks caunot be interested in more than one-fifth of 
the capital stock of any corporation, nor invest more 
than ten per cent, of deposit nor exceeding $60,000 



MAVERICK NATIONAL BANK. 53 

therein ; nor can they have more than fifty per cent, of 
deposits in real estate mortgages save in settlement to 
secure debts. 

Vermont Savings Banks 
May invest in — 

First mortgages of unencumbered real estate ; loan not 
to exceed three-fifths the cash value of property. Not 
less than one-sixth of amount of such mortgages shall be 
upon real estate in Vermont, and not more than seventy 
per cent, of assets in real estate mortgages. 

Loans on unimproved or unproductive real estate not to 
exceed forty per cent, of value thereof. 

Not exceeding one-third of assets in personal security 
loans not exceeding a year's time, with two names of 
residents within the State or within fifty miles of the 
bank. 

Three per cent, of deposits in its own building. 

Public funds of United States or of New England 
States, or cities, towns, villages, or school districts of New 
England States. 

Bank or trust company stocks incorporated under 
United States laws or of laws of New York or New 
England States. 

Bonds of cities (except railroad aid bonds) of 5,000 
inhabitants whose debt is not legally allowed to exceed 
and does not exceed five per cent, of valuation in New 
York, New Jersey, Pennsylvania, Ohio, Indiana, Illi- 
nois, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, 
Kansas, Missouri, and Calif ornia ; in public funds of these 
States, county bonds of the same (not in aid of railroads) 
where county debt does not exceed and is not legally 
allowed to exceed five per cent, of assessed valuation. 
In school bonds and school district bonds of these States 
(except California) upon same basis of debt. In notes 



54 MAVERICK NATIONAL BANK. 

with any of these securities as collateral, including de- 
posit books or receipts of Vermont banks or trust com- 
panies. Not more than ten per cent, of deposits nor more 
than $35,000 to be invested in one bank or trust company, 
or more than ten per cent, of same to be held as loan 
security or investment. No loan to one person or firm to 
exceed five per cent, of deposits nor more than $30,000, 
and no loan on personal security to exceed $10,000. 

Rhode Island. 
" Institutions for savings in this State must invest their 
receipts in public stocks or bonds of any State or of the 
United States, or in any bank stock or in notes or bonds 
of any town or cit} T , or in such corporate stocks or bonds 
as they may deem safe and secure ; or they may discount 
notes, bonds, or drafts of individuals or corporations with 
two other responsible endorsers, sureties, or guarantors, 
or the notes, bonds, or drafts of individuals or corpora- 
tions secured by the public notes, stocks, or bonds of any 
State of the United States, or of any town or city, or by 
the stock or bonds of any corporation which may be 
deemed to be safe, or by mortgage on real estate." 

Connecticut. 
Savings banks may employ not over half their deposits 
in personal loans, and in public funds of the United 
States, New England States, or New York, New Jersey, 
Pennsylvania, Ohio, Kentucky, Michigan, Indiana, Illi- 
nois, Wisconsin, Iowa, Missouri, Kansas, Nebraska, 
District of Columbia ; in authorized bonds of any incor- 
porated New England city, of New York City, Brooklyn, 
Albany, Syracuse, Utica, Troy, Rochester, Buffalo, Phil- 
adelphia, Detroit, Cleveland, Columbus, Dayton, Cincin- 
nati, Chicago, Milwaukee, and St. Louis ; in the first 
mortgage bonds of any railroad company in the above- 



MAVERICK NATIONAL BANK. 55 

mentioned States which has paid not less than five per 
cent, annual dividends regularly on its entire stock for 
not less than five years next previous to the purchase of 
the said bonds ; or in the consolidated mortgage bonds of 
any railroad company chartered in Connecticut, said 
bonds being authorized to retire the entire bonded debt 
of said company, provided such company has paid divi- 
dends as aforesaid ; or in the bonds of any town or 
borough in the State ; or in the stock of any bank of 
Connecticut, New York City, or Boston ; or in the stock 
of any Hartford or New Haven trust company. All 
other loans shall be secured by mortgage of unincum- 
bered Connecticut real estate, worth double the amount of 
the loan secured thereon. 

New York. 
The savings banks of this State are authorized to in- 
vest — 

1. In the stocks or bonds or interest bearing notes or 
obligations of the United States or those for which the 
faith of the United States is pledged to provide for the 
payment of the interest and principal, including the bonds 
of the District of Columbia, commonly known as the 
three-sixty-five bonds. 

2. In the stocks, bonds, or notes of New York State 
bearing interest. 

3. In the stocks, bonds, or notes of any State in the 
Union that has not within ten years previous to making 
such investment by such corporation defaulted in the 
payment of any part of either principal or interest of any 
debt authorized by any legislature of such State to be 
contracted. 

4. In the stocks, bonds, or notes of any city, county, 
town, or village of this State issued pursuant to the 
authority of any law of New York State, or in any inter 



56 MAVEKICK NATIONAL BANK. 

est bearing obligations issued by the city or county in 
which such bank shall be located. 

5. In bonds and mortgages on unincumbered real estate 
situated in New York State and worth at least twice the 
amount loaned thereon, but not to exceed sixty per cent, 
of the whole amount of deposits shall be so loaned or 
invested. 

6. In real estate. 

(1.) A plot whereon is erected or may be erected a build- 
ing or buildings requisite for the convenient transaction 
of its business ; the cost of such building not to exceed 
fifty per cent, of the net surplus of such corporation. 

(2.) Such as shall have been purchased by the bank at 
sales upon foreclosure of mortgages owned by such bank, 
or upon judgments and decrees obtained or rendered for 
debts due to it, or in settlements effected to secure such 
debts. All such real estate shall be sold within five 
years, unless time extended by superintendent. 



CHAPTER VI 



BANKS AND BANKING. 



Early Banking in Europe. — The Bank of England and the Joint-Stock Banks. — 
Bank of France. — Prices and Dividends of European Bank Shares. — 
Canadian Banks. — The Increase of Banking Capital. — History of Banking 
in the United States. — The Number of National Banks. — Capital and 
Profits. — Comparative Position in Recent Times. — The Statistical Record 
for Twenty-one Years. — The Maverick National Bank. 

Early Banking. 
Modern banking dates from the revival of civilization 
in Italy. The Bank of Venice (1171) was the first in 
Europe ; it was based on a forced loan to the state, and 
its original capital is said to have been 2,000,000 ducats 
($4, 500, 000). It was a bank of deposit, but in its early 
days deposits could not be withdrawn ; its credits com- 
manded a premium, with slight exceptions throughout its 
entire history. The bank was ruined by the French 
invasion of 1797. The names of Bardi, Acciajuoli, 
Peruzzi, Pitti, and Medici have been preserved to us in 
Italian art and literature, but in their time they repre- 
sented the greatest trading and banking houses in Europe. 
When in 1345 the houses of Bardi and Peruzzi failed, in- 
calculable distress followed. The people had deposited 
with them 900,000 florins ($2,025,000), but these houses 
had loaned Edward III. and the King of Sicily 1,700,000 
florins ($4,075,000), which the latter were unable to pay. 



58 MAVERICK NATIONAL BANK. 

The size of financial transactions in these times may be 
judged from these figures and from the fact that from 
1430 to 1433 seventy-six bankers at Florence lent 
4,865,000 gold florins ($9,946,250). 

The Bank of St. George at Genoa, for centuries one of 
the leading banks of Europe, was established in 1407 ; it 
continued in existence till its pillage by the French in 
1800. 

Barcelona, in the middle ages, was one of the foremost 
commercial cities of Europe ; it is especially interesting 
as the place where bills of exchange were first negotiated. 
The Bank of Barcelona was organized in 1401. 

At the beginning of the 17th century, Amsterdam, then" 
the chief port of entry in Europe, suffered greatly from 
the worn and clipped condition of its coin. To remedy 
this and to provide a standard for the currency the Bank 
of Amsterdam was established in 1609 ; it was for 
deposit and transfers of accounts. The managers were 
under oath not to lend any of the funds. About the 
middle of the last century they secretly lent part of the 
bullion to the East India Company and to the govern- 
ment of Holland. This, in connection with the French 
invasion in 1794, resulted in the ruin of the bank. 

The Bank of Hamburg (1619), a bank of deposit, 
based on fine silver bars, was always one of the best 
managed banks in Europe. It was merged into the 
Imperial Bank of Germany in 1875. 

English Banking. 
Banking began in England much later than on the 
continent. It had been the custom with the merchants 
of London to deposit their money in the Tower with the 
Master of the Mint. Shortly before the opening of the 
Long Parliament Charles I. seized upon £200,000 of this 
as a forced loan. Compelled to seek a new place of 



MAVERICK NATIONAL BANK. 



59 



security for their funds, the merchants, about the year 
1640, began to make deposits with the goldsmiths, many 
of whom gradually gave up their old business to become 
bankers. This innovation in the affairs of the goldsmiths 
was vigorously attacked. It is noted that among the 
assailants was Sir Josiah Child, who afterwards himself 
became a banker, and founded one of the two houses now 
existing in London that were established before the Bank 
of England. 

The Bank of England was projected by William Pat- 
terson, a Scotchman ; it was chartered July 27, 1694, for 
a period of eleven years. It was founded upon a loan of 
£1,200,000 to the government of William and Mary, then 
in need of funds, in consideration of which it was to re- 
ceive interest at eight per cent, per annum, besides £4,000 
per annum for the management of the public debt. The 
charter has been renewed several times, the last in 1844, 
when the opportunity was taken to divide the bank into 
two departments, known as the issue and banking depart- 
ments. The issue department is allowed to put forth 
notes to the amount of £15,750,000 on government securi- 
tiep, but for all sums above that amount it is required to 
have a like amount of bullion. The bank suspended 
specie payments from 1797 to 1823. From the beginning, 
the capital of the bank and the loan to the government 
have been nearly identical in amount. 

The capital of the bank has risen as follows : — 



1708. 
174«, 



£1,200,000 
4,100,000 
10,800,000 



1782, 
1816, 
1887, 



£11,600,000 
14,500,000 
14,500,000 



60 



MAVEEICK NATIONAL BANK. 



THE CONDITION OF THE BANK OF ENGLAND AT DIFFERENT 
PERIODS FROM 1780 TO 1887. 







Millions £. 




YEAK. 


















Circulation. 


Deposits. 


Securities. 


Bullion. 


1780 


8.4 


4.7 


10.9 


3.6 


1790, 










10.0 


6.2 


10.3 


8.6 


1800, 










16.8 


7.1 


21.4 


6.1 


1810, 










21.0 


12.5 


35.4 


3.5 


1820, 










23.5 


4.1 


26.2 


4.9 


1830, 










20.1 


10.8 


24.2 


9.2 


1840, 










16.5 


6.6 


21.6 


4.3 


1850, 










20.4 


18.4 


26.0 


16.0 


1860, 










21.5 


18.8 


29.4 


14.0 


1870, 










24.5 


24.2 


29.5 


22.3 


1880, 










27.1 


33.1 


34.8 


27.9 


Jan. 1, 1S87, 








24.4 


28.5 


36.2 


18.8 



The Bank of Scotland was organized in 1695 ; the 
Bank of Ireland began business June 1, 1783. 

In 1708, copartnerships of more than six persons for 
the purpose of banking were forbidden, and the joint- 
stock banks were closed. 

In 1825, a bank act, allowing such organizations, was 
passed, and at first banking rapidly expanded and fail- 
ures were numerous ; but since 1844 the character of bank 
management in England has greatly improved. The lar- 
gest of the joint-stock banks, the London and "Westmin- 
ster, was established in 1834 ; its present capital is 
£2,800,000, and it pays a dividend of fifteen per cent. Its 
deposits are £22,217,424. and its total liabilities foot up 
£27,948,991. 

The number of joint-stock banks in the United King- 
dom in June, 1882, was 186, of which 120 were English, 
10 Scotch, 9 Irish, and 47 Colonial ; their business was 
as follows : — 



MAVERICK NATIONAL BANK. 



61 





Millions £. 




English. 


Scotch. 


Irish. 


Colonial. 


Total. 


Capital 

Reserve, 

Value of Stock, . 

Issue, . . . . . 

Deposits, .... 

Cash-, 

Government Securities, . 

Discounts 

Assets, .... 


52 
22 

138 
28 

279 
82 
52 

225 

398 


9 

6 

24 

6 

79 

14 

12 

62 

105 


7 
3 

20 
7 

23 
6 
2 

20 

32 


40 

15 

68 

10 

132 

33 

12 

251 

250 


108 
46 

250 

51 

513 

135 

78 
558 
785 



The above shows a nominal capital and reserve of 154 
millions, but the shares represent an actual value of 250 
millions. 

The present market value of banking capital in the 
United Kingdom is as follows : England, 173 per cent. ; 
Scotland, 153 per cent. ; Ireland, 122 per cent. Total, 
United Kingdom, 165 per cent. 

The following table shows the increase of banking in 
the United Kingdom from 1850 to 1882 : — 





Millions £ 
Capital and De- 
posits. 


Amount per In- 
habitant. 




1850. 


1882. 


1850. 


1882. 


England, 

Scotland, 

Ireland 


207 
36 
17 


660 
103 
43 


£11 
12 

3 


£26 

28 

8 


United Kingdom, 


260 


806 


£10 


£23 



The banks of the United Kingdom are owned by 88,000 
shareholders, the average capital to each shareholder 
being £1,000 in Scotland, £780 in England, and £720 
in Ireland. 



62 



MAVERICK NATIONAL BANK. 



BANK-NOTE ISSUE OF UNITED KINGDOM. 





000 omitted. 


Per Inhabitant 
(Shillings). 




1844. 


1874. 


1882. 


1844. 


1874. 


1882. 


England, 
Scotland, 
Ireland,. 


£23,400 
3,000 
5,900 


£31,200 
5,900 
6,800 


£28,900 
5,600 
7,300 


34 
22 
15 


25 
35 

26 


22 
30 
29 


United Kingdom, . 


£37,300 


£43,900 


£41,800 


27 


27 


23 



The Bank of France. 

The Bank of France, second to the Bank of England 
in size and importance in Europe, was founded in 1800. 
The original capital was 45,000,000 francs ; increased in 
1806 to 90.000,000 francs, divided into 90,000 shares at 
1,000 francs each. The bank established branches from 
time to time, and in 1848 it incorporated with itself the 
departmental joint-stock banks at Lyons, Marseilles, 
Bordeaux, Rouen, and other large cities ; in 1879 the 
branches numbered ninety. The capital of the bank has 
been increased at various times ; it is now 182,500,000 
francs. The Bank of France is the only bank of issue 
in the Republic. 

The following shows the situation of the Bank of 
France in May, 1887 : — 



Assets. 



Liabilities. 



Coin and Bullion — Gold, 
" M Silver, 

Government securities, 
Private securities, 



47,637,000 
46,609,000 
14,375,000 
33,621,000 



Notes, . 

Government deposits, 
Private deposits, 



109,341,000 
9,698,000 
13,626,000 



MAVERICK NATIONAL BANK. 



63 



German Banks. 

Up to the close of the Franco-Prussian war banking 
was carried on in Germany under laws peculiar to each 
State. Most of the banks were allowed to issue notes, 
the circulation in each case being confined to the neigh- 
borhood of the issuing bank. Dec. 31, 1873 there were 
thirty- three banks of issue in the Empire, with a 
circulation of 1,352,548,000 marks ($338,137,000). The 
unification of Germany made a general banking law 
necessary. Jan. 30, 1875, a law was passed establishing 
the Imperial Bank. With this the old Bank of Hamburg 
and the Royal Bank of Prussia were incorporated. 

The situation of the bank in May, 1887, was as 
follows : — 



Assets. 


£ 


Liabilities. 


£ 


CoiD and bullion, . 
Discounts and advances, 


38,990,000 
21,230,000 


Notes in circulation, . 
Current accounts, 


42,016,000 
16,565,000 



Netherlands Bank. 

The Bank of the Netherlands was first chartered in 
1814, with a capital of 5,000,000 florins. This has been 
increased at various times, and is now 10,000,000 florins 
($4,000,000). The following was the condition of the 
bank in May, 1887 : — 



Assets. 


£ 


Liabilities. 


£ 


Coin and Bullion— Gold, . 

" " Silver, 

Discounts and advances, 


4,909,000 
8,236,000 
8,694,000 


Notes in circulation, . 
Deposits, 


17,324,009 
1,548,000 



64 



MAVERICK NATIONAL BANK. 



Prices and Dividends of European Bank Stocks. 



Paid-up 


Dividend 


Am't of 


Namk. 


Paid. 


Market 


Capital. 


Lastl2Mos. 


Share. 


Prices. 


£ 


Per cent. 


£ 




£ 


£ 


14,553,000 


10 


Stock, 


Batffe of England, 


ioo * 


295 


2,800,000 


15 


100 


London and Westminster 












Bank 


20 


64* 


2,000,000 


20 


80 


London and County Bank- 












ing Co., .... 


20 


84 


1,250,000 


14 


150* 


Bank of Scotland, 


Stock, 


318 


2,000,000 


9 


Stock, 


Royal Bank of Scotland, . 


100* 


215 


2,769,230 


- 


Stock, 


Bank of Ireland, 


100* 


273 


Francs. 




Francs. 




Francs. 


Francs. 


182,500,000 


29 1 ^ 


1,000 


Bank o* France, 


1,000 


4,130 


Marks. 




Marks. 








120,000,000 


6# 


3,000 


Imperial Bank of Germany, 


100* 


136&* 


Florins. 




Flor. 




Flor. 




10,000,000 


12Vio 


1,000 


Bank of the Netherlands, . 


1,000 


225 



Rates of Interest since 1850. 





1851-60. 


1861-70. 


1871-80. 


Average of 
30 years. 


Great Britain, 


4.17 


4.23 


3.28 


3.89 


France, . 








4.30 


3.55 


3.94 


3.93 


Germany, 










4.05 


4.56 


4.30 


4.30 


Austria, . 










5.26 


4.77 


4.79 


4.94 


Italy, 










5.35 


5.69 


4.85 


5.30 


Holland, . 










3.60 


3.98 


3.40 


3.67 


Belgium, 










3.62 


3.59 


3.60 


3.60 


Europe, . 










4.27 


4.30 


3.71 


4.09 



Canadian Banks. 



Paid-up 
Capital. 


Dividend 
Last 12 
Months. 


Amount 
of Share. 




Paid. 


Market 
Prices. 


$12,000,000 
6,000,000 
5,753,883 

£1,000,000 


12* 
7* 
7* 

6* 


$200 

50 

100 

£50 


Bank of Montreal, 
Canadian Bank of Commerce, 
Merchants' Bank of Canada, 

British Bank of N. America, 


$200 

50 

100 

£50 


$494 

62£ 

132£ 

£68 



MAVERICK NATIONAL BANK. 



65 



Since 1840 the banking of the world has increased 
about eleven-fold ; that is, three times as fast as com- 
merce, or thirty times faster than population. 

Capital engaged in Banking. 









Millions £. 


Amount per 




Capital. 


Deposits. 


Total. 


Inhabitant. 


United Kingdom, 
France, . 
Germany, 
Russia, . 
Austria, . 
Italy, . 
Spain and Portuga 
Belgium, 
Holland, . 
Scandinavia, . 


, 




270 
55 
85 
45 
36 
31 
12 
7 
6 
11 


570 

150 

200 

110 

130 

60 

10 

20 

20 

24 


840 
205 
285 
155 
166 
91 
22 
27 
26 
35 


£25 
6 
6 
2 
5 
3 
1 
5 
7 
4 


Europe, 
United States, 
Canada, . 
Australia, 


558 

145 

17 

19 


1,294 

386 

18 

66 


1,852 

531 

35 

85 


£6 

10 

8 

30 


Totals, . 






739 


1,764 


2,503 


£7 



Banking and Currency in the United States. 

Paper money was issued from time to time by the 
different colonies, Massachusetts taking the lead in 1690. 
During the Revolutionary War the distress attendant 
upon the depreciation of the continental currency (the 
amount of which had grown to $240,000,000) was so 
great that some public measure of relief was necessary. 
In May, 1781, Robert Morris made public his scheme for 
a bank ; the Bank of North America was incorporated 
Dec. 31, 1781. Its capital was $400,000, of which the 
government subscribed $254,000. At the expiration of 
its charter in 1787 it was rechartered by Pennsylvania, 
and it exists to-day as a national bank, with a capital of 
$1,000,000, and a surplus of $1,000,000. 



MAVERICK NATIONAL BANK. 



In 1790, Hamilton urged the establishment of a bank, 
and laid before Congress a plan for such an institution. 
The bank was incorporated in February, 1791. Its capital 
was limited to $10,000,000, the government subscribing 
$2,000,000 ; the shares were all taken as soon as offered. 
The bank was a success, its dividends during the twenty 
years of its history averaging eight and one-fourth per 
cent, per annum. In 1811, Congress refused to renew 
its charter. The stockholders eventually received one 
hundred and nine per cent., but owing to the length of 
time between the payments their stock really netted them 
less than par. 

The number of State banks in the country at this time 
was ninety ; in 1813 their number increased to one hundred 
and fifty, with a circulation amounting to $62,000,000. 
The New England banks suspended specie payments in 
1814, but resumed at the beginning of 1817. 

State bank notes having become very unstable in value, 
Congress, in 1816, chartered the second United States 
bank. The capital was $35,000,000, of which the 
government subscribed $7,000,000. The State banks, 
however, increased rapidly. In 1816 they numbered two 
hundred and forty-six, with $90,000,000 capital; in 1830 
the number had grown to three hundred and thirty, with 
$145,000,000 capital. In July, 1832, the bill to recharter 
the United States bank was vetoed by President Jackson, 
and the institution terminated its existence as a national 
bank in 1836. The following report was made to Con- 
gress at the close of its legal existence : — 



Estimated value of all assets, $88,268,740 63 

Debts due by the bank . 29,253,610 27 



Estimated value of its stock $39,015,130 36 

Equal to $111.47 per share. 



MAVERICK NATIONAL BANK. 67 

The bank continued operations under a charter from 
Pennsylvania for a few years, but in 1841 its stock 
became worthless. 

The refusal to recharter the United States Bank led to 
the incorporation of a large number of State banks. The 
capital of many of these was fictitious or but partly paid 
up, and the power of circulation granted them was almost 
unlimited. In 1837 there ware 788 State banks, with a 
capital of $291,000,000; $149,000,000 in circulating 
notes, $127,000,000 in deposits, and $525,000,000 in 
loans and discounts. The remarkable expansion and the 
wild speculations of this period resulted in the panic of 
1837, the worst the country has ever known. Specie 
payments were suspended, values fell, and a period of 
distress followed which lasted nearly five years. From 
Jan. 1, 1837, to Jan. 1, 1843, the banking circulation of 
the country fell from $145,185,890 to $58,563,608 ; banks 
decreased in number ninety-seven, banking capital nearly 
$62,000,000, deposits $71,500,000, loans and discounts 
$270,500,000, and specie in bank nearly $5,000,000. 

The crisis of 1837 led to the adoption of the Suffolk 
Bank system in Boston. This was an arrangement by 
which the Suffolk Bank received the notes of all New Eng- 
land banks finding their way to Boston, and returned them 
for immediate redemption. The State of New York put 
in operation the New York safety fund system, under 
which banks were compelled to deposit securities with 
the banking department of the State to provide against 
failures. Jan. 1, 1847, the United States sub-treasury 
system went into operation, since which time the govern- 
ment has collected and disbursed its revenue without 
the intervention of the banks. 

In 1857 there was another crash, and all the banks 
in the Union suspended specie payments ; the depression 
did not, however, continue long. 



68 



MAVERICK NATIONAL BANK. 



The following table gives the number of State banks 
reported to the Treasury Department each year from 
1837 to 1862, inclusive, together with their aggregate 
capital, deposits, circulation, loans and discounts, and 
specie : — 



Number of State Banks reported to the Treasury De- 
partment each Year from 1837 to 1862, inclusive, 
together with their aggregate capitals, deposits, 
Circulation, Loans and Discounts, and Specle. 











No. of 
Banks. 


00,000 omitted. 


Yeab. 


Capital. 


Deposits. 


Circula- 
tion. 


Loans 
and Dis- 
counts. 


Specie. 


1837, . 


788 


$290,7 


$127,3 


$149,1 


$525 1 


$37,9 


1838, 








829 


317,6 


84,6 


116,1 


485,6 


35,1 


1839, 








840 


327,1 


90,2 


135,1 


192,2 


46,1 


1840, 








901 


358,4 


75,6 


106,9 


462,8 


33,1 


1841, 








784 


313,6 


64,8 


107,2 


386,4 


25,8 


1842, 








692 


260,1 


62,4 


83,7 


323,9 


28,4 


1843, 








691 


228,3 


56,1 


58,5 


254,5 


33,5 


1844, 








696 


210,8 


84,5 


75,1 


264,9 


49,8 


1845, 








707 


206,0 


88,0 


89,6 


288,6 


44,2 


1846, 








707 


196,8 


96,9 


105,5 


312,1 


42,0 


1847, 








715 


203,0 


91,7 


105,5 


310,2 


35,1 


1848, 








751 


204,8 


103,2 


128,5 


344,4 


46,3 


1849, 








782 


207,3 


91,1 


114,7 


332,3 


43,6 


1850, 








824 


217,3 


109,5 


131,3 


364,2 


45,3 


1851, 








879 


227,8 


128,9 


155,1 


413,7 


48,6 


1852, 








750 


207,9 


145,5 


146,0 


408,9 


46,1 


1853, 








1,208 


301,3 


188,1 


204,6 


557,3 


59,4 


1854, 








1,307 


332,1 


190,4 


186,9 


576,1 


53,9 


1855, 








1,398 


343,8 


212,7 


195,7 


634,1 


59,3 


1858, 








1,416 


370,8 


230,3 


214,7 


684,4 


58,3 


1857, 








1,422 


394,6 


185,9 


155,2 


583,1 


74,4 


1858, 








1,476 


401,9 


259,5 


193,3 


657,1 


104,5 


1859, 








1,568 


422,1 


253,8 


207,1 


692,0 


83,6 


1860, 








1,569 


429,5 


257,2 


202,0 


696,7 


87,6 


1861, 








1,496 


419,7 


297,1 
393,6 


183,9 


647,6 


102,2 


1862, . 


1,466 


405,0 


238,6 


648,6 


101,2 



At the outbreak of the civil war in 1861 the paper in 
circulation in the United States amounted to $200,000,000, 
of which $50,000,000 represented Southern banks. The 
specie available for circulation was $275,000,000. The 
government borrowed $50,000,000 of the banks of the 
large cities on demand notes. In February, 1862, Con- 



MAVERICK NATIONAL BANK. 69 

gress authorized the issue of $150,000,000 of legal ten- 
ders, $50,000,000 of which was to take up these notes. 
The national banking system dates from the act of Feb. 
25, 1863, creating the currency bureau and establishing 
the office of comptroller of the currencj^. The act was 
for the purpose of assisting the government loans. 
Under it the comptroller was authorized to permit the 
establishment of banking associations of not less than 
five persons, and a minimum capital, except in small 
places, of $100,000. The associations were obliged, be- 
fore commencing business, to deposit with the Treasury 
Department of the United States, bonds to the extent 
of one- third of the capital ; for which they were to receive 
circulating notes, equal to ninety per cent, of the mar- 
ket value of the bonds, but not beyond ninety per 
cent, of par. The issue of currency was limited to 
$300,000,000, to be apportioned among the States accord- 
ing to population and banking capital. A large portion 
of the State banks took charters under the new system. 
Specie soon went out of circulation. 

The general resumption of specie payments took place 
Jan. 1, 1879. 

The bank act provided for an existence not exceeding 
twenty years. As the charters of some of the banks 
organized in 1863 expired, or were about to expire, 
before the passage of the act of July 12, 1882, providing 
for extending the corporate existence of national banks, 
about fifty of them reorganized, and took new charters. 
Since this time, nearly all expiring bank charters have 
been renewed. 



70 



MAVERICK NATIONAL BANK, 



Summary of National Banks organized and dissolved 
since Feb. 25, 1863, and the Number existing Nov. 1, 
1886. 





Num- 
ber. 


Dissolved. 


Nowexisting. 


Banks Organized. 


In Liquidation, 

voluntary or by 

expiration. 


Failed. 


Total 
number 

dis- 
solved. 


Num- 
ber. 


Per 

Cent. 




No. 


Per Ct. 


No. 


Pr. Ct. 




Converted from State 

ByBtem, . 
Other banks, 


575 
3,005 


66 
534 


12 
18 


19 
93 


3 
3 


85 
627 


490 

2,378 


85 
79 


Total, . 


3,580 


600 


17 


112 


3 


712 


2,868 


80 



Of 600 banks which have gone into voluntary liquidation, 456 took that step 
for the purpose of winding up their affairs, 79 for the purpose of reorganization, 
and 65 went into liquidation by reason of expiration of charter, 38 of them hav- 
ing since been reorganized. 



Bank Profits. 











Millions 
Divi- 
dends. 


Millions 


Ratio of 


Ratio of 


Ratio of 


Year ending 


No. of 


Millions 


Millions 


Net 


Divi- 


Div'dsto 


Earn'gs 


Sept. 1. 


Banks. 


Capital. 


Surplus. 


Earn- 


dends to 


Cap. and 


to Cap. 










ings. 


Capital. 


Surplus. 


<fcSurp's. 


1870, . 


1,601 


$425 


$91 


$42 


$55 


10.12 


8.35 


10.96 


1871, . 


1,693 


445 


98 


44 


54 


10.14 


. 8.31 


10.23 


1872, . 


1,852 


465 


105 


46 


58 


10.19 


8.33 


10.36 


1873, . 


1,955 


488 


118 


49 


65 


10.31 


8.30 


10.87 


1874, . 


1,971 


489 


128 


48 


59 


9.90 


7.87 


9.68 


1875, . 


2,047 


497 


134 


49 


57 


9.89 


7.81 


9.22 


1876, . 


2,081 


500 


132 


47 


43 


9.42 


7.45 


6.87 


1877, . 


2,072 


486 


124 


43 


34 


8.93 


7.09 


5.62 


1878, . 


2,047 


470 


118 


36 


30 


7.80 


6.21 


5.14 


1879, . 


2,045 


455 


115 


34 


31 


7.60 


6.07 


5.49 


1880, . 


2,072 


454 


120 


36 


45 


8.02 


6.35 


7.88 


1881, . 


2,100 


458 


127 


38 


53 


8.38 


6.59 


9.20 


1882, . 


2,197 


473 


133 


40 


53 


8.73 


6.81 


8.88 


1883, . 


2,350 


494 


141 


40 


54 


8.30 


6.50 


8.60 


1884, . 


2,582 


518 


147 


41 


52 


8.00 


6.20 


8.00 


1885, . 


2,665 


524 


146 


40 


43 


7.80 


6.00 


6.50 


1886, . 


2,784 


532 


155 


42 


55 


7.96 


6.17 


8.02 



Condition of the National Banks, 1879-1887. 
The following table exhibits the resources and liabili- 
ties of the national banks in operation at corresponding 
dates for the last nine years, in millions : — 



MAVERICK NATIONAL BANK. 



71 








ei . 


,4 


rf 


w . 


eT . 




<-i" . 


t-i" . 


■* . 




a» 


iS 


~® 


«i» 


a| 


^ 


^ 


•f* 
























o 


O 


o 


O 


O 


02 


o 


O 


M 


Resources. 




















Loans 


878 


1,041 


1,173 


1,243 


1,309 


1,245 


1,306 


1,451 


1,515 


Bonds for circulation, 


357 


357 


363 


357 


351 


327 


307 


258 


211 


Other U. S. bonds, . 


71 


43 


56 


37 


30 


30 


31 


32 


32 


Other stocks, bonds, etc., . 


39 


48 


61 


66 


71 71 


77 


81 


87 


Due from other banks, 


167 


213 


230 


198 


208 


194 


235 


241 


271 


Real estate, .... 


47 


48 


47 


46 


48 


49 


51 


54 


55 


Specie, .... 


42 


109 


114 


102 


107 


128 


171 


156 


171 


Legal tender notes, . 


69 


56 


53 


63 


70 


77 


69 


62 




National bank notes, . 


16 


18 


17 


20 


22 


23 


23 


22 


24 


Clearing-house exchange, . 


113 


121 


189 


208 


96 


66 


84 


95 


89 


U 8. certificates of deposit, 


26 


7 


6 


8 


10 


14 


18 


5 


7 


Due from U. 8. Treasurer, 


17 


17 


17 


17 


16 


17 


14 


13 


11 


Other resources, . 


22 


23 


26 


28 


28 


33 


36 


37 


36 


Totals 


1,868 


2,105 


2,358 


2,399 


2,372 


2,279 


2,432 


2,513 


2,581 


Liabilities. 




















Capital stock, 


454 


457 


463 


483 


509 


524 


527 


548 


555 


Surplus fund, 


114 


120 


128 


132 


142 


147 


146 


157 


164 


Undivided profits, 


41 


46 


56 


61 


61 


63 


59 


66 


67 


Circulation, 


313 


317 


320 


315 


310 


289 


269 


228 


186 


Due to depositors, 


736 


888 


1,033 


1,134 


1,063 


993 


1,120 


1,191 


1,244 


Due to other banks, . 


201 


267 


294 


259 


270 


246 


299 


308 


852 


Other liabilities, . 


6 

1,868 


8 


11 


13 


14 


15 


10 
2,432 


12 


11 


Totals, 


2,105 


2,358 


2,399 


2,372 


2,279 


2,513 


2,581 


Number of banks, 


2,048 


2,090 


2,132 


2,269 


2,501 


2,664 

• 


2,714 


2,852 


2,909 



National Bank Shareholders. 

The capital stock of the 2,868 (Nov. 31, 1886) Na- 
tional banks is represented by 7,116,894 shares. Of these, 
6,426,320, or over 90 per cent., are held by residents of 
the State in which the bank is located, and 690,574, or 
less than 10 per cent., by non-residents. In 1876, less 
than 90 per cent, of the stock was held by residents. 

The number of shares held by natural persons is 
6,524,143, or over 91 per cent., while the remainder are 
held as follows: 82,694 shares by religious, charitable, 
and educational institutions ; 6,188 by municipal corpora- 
tions ; 490,993 by savings banks, trust companies, and 
insurance companies, and 12,897 by all other corpora- 
tions. 



72 



MAVERICK NATIONAL BANK. 



The number of shareholders in national banks is 223,- 
583, of which number 215,876, or over 96 per cent., are 
natural persons, while more than 88£ per cent, of all the 
stockholders are residents of the State in which the bank 
is located. 

Of the 223,583 shareholders, 117,974, being more than 
half, hold ten shares or less ; 78,781, or about a third, hold 
over ten shares but less than fifty ; while those holding 
over fifty shares number only 26,828, or but little more 
than one-ninth of the whole. 

SUMMARY. 

The Report of the Comptroller of the Currency for 1886 
is accompanied by a diagram exhibiting in a striking 
manner the record of the national banking system during 
the twenty-one years since the war, from which the 
following summary has been made : — 

On the 1st of January, 1866, there were 1,582 national banks; on the 7th o* 
October, 1886, there were 2,852, — a net increase in number alone of 1,270. 



Jan. 1 

18 8 



Oct. 7, 
1886. 

Mils. 



Highest Point touched. 



Lowest P't touched. 



Amt. 

Mils. 



Amt. 

Mils. 



Capital, 

Capital, surplus, and 
undivided profits, . 

Circulation 

Total investments in 
United States bonds, 

Deposits, ..... 

Loans and discounts, 

Cash: 
National bank notes, 
Legal tender notes, 
Specie 



$403 

475 
213 

440 
522 
500 

20 
187 
19 



$543 

772 
228 

291 
1,173 
1,443 

23 
63 
156 



$543 

772 
341 

712 
1,173 
1,443 

28 
205 
177 



Oct, 7, 1886 

Oct. 7, 1886 

Dec. 26, 1873 

Apr. 4,1879 

Oct. 7, 1836 

Oct. 7, 1886 

Dec. 31, 1883 

Oct. 1, 1886 

July 1, 1885 



$403 

475 
213 

291 
501 
500 

11 
50 



Jan. 1, 1866 



Jan. 
Jan. 

Oct. 
Oct. 
Jan 



1, 1866 
1. 1866 



8, 1870 
1, 1866 



Oct. 7, 1867 
Mar. 11, 1882 
Oct. 1,1875 



An examination of this table shows that the aggregate capital, surplus, undi- 
vided profits, circulation, and deposits have increased from $1,210,000,000 in 
January, 1866, to $2,173,000,000 in October, 1886, which is less than double, 
while the loans and discounts have gone up from $500,000,000 to $1,443,000,000, 
which is nearly treble. 



MAVERICK NATIONAL BANK. 



73 



The investments in bonds have taken an opposite course. Amounting to 
$-440,000,000 in 1866, increasing to $712,000,000 in April, 1879, they had subsided 
by 7th October last to $291,000,000, but little more than half what they were in 
1866, and scarcely over a third of what they momentarily amounted to in 1879 

The specie, which at the beginning of the period was but $19,000,000, had got 
down in October, 1S75, to $8,000,000, is now $156,000,000, and in July, 1885, was 
$177,000,000. 

it is interesting to see how these changes appear when reduced to percentages. 

The capital, surplus, undivided profits, circulation, and deposits constitute 
together the fund upon which a bank does its business. 

Loans and discounts, United States bonds, specie, etc., are different forms in 
which this fund is invested. Taking the fund at $1,210,000,000 in 1866 and at 
$2,173,000,000 in 1886, these investments represent the following proportions oi 
those amounts, viz. : — 





186<>. 


1886. 


Loans and discounts 


41.32 


66.40 


United States bonds, 


36.36 


13.39 


Specie 


1.57 


7.18 


Total, 


7 3.25 


86 97 












Another striking fact is that in 1866 the circulation was $213,000,000, and in 1886 
it is only $228,000,000. At the former period, therefore, the circulation was 
nearly 45 per cent of the capital, surplus, and undivided profits, while now it is 
only about 29 per cent. 



The Maverick National Bank. 

This institution was organized as a State Bank May 10, 
1854, and reorganized as a National Bank Dec. 14, 1864. 
It renewed its charter under the charter extension act of 
Congress, Dec. 14, 1884. 

Mr. Asa P. Potter was chosen vice-president Jan. 14, 
1873, and president Jan. 11, 1876. 

Mr. Joseph W. Work was chosen assistant cashier 
July 1, 1879, and cashier May 1, 1884. 

Mr. E. H. Lowell is assistant cashier. 

The present directors are : Mr. Thomas Dana, Mr. N. 
B. Mansfield, Mr. Jonas H. French, Mr. Henry F. Woods, 
and Mr. Asa P. Potter. 

The following is the latest statement of the assets and 
liabilities of the bank : — 



74 MAVERICK NATIONAL BANK. 



31 arch 31, 1887. 

RESOURCES. 

Loans, $6,249,037 93 

U. S. Bonds at "Washington to secure circulation, par value, . 200,000 00 

U. S. Bonds to secure deposits, 100,000 00 

U. S. Bonds on hand, 144,900 00 

Sundry bond account, 913,970 50 

Premium, 63,016 33 

Ileal estate, 9,178 94 

Due from approved reserved agents, 1,264,037 98 

Due from other National banks, 527,581 37 

Exchanges for clearing house . 1,263,184 03 

Legal tender notes, 126,300 00 

Specie, 825,061 00 

Bills of other National banks, checks, and other cash items, . 178,155 37 

Reserve at Washington, five per cent, fund, 13,000 00 

Total, $11,877,423 4i 

LIABILITIES. 

Capital stock paid in $400,000 00 

Surplus fund, 600,000 00 

Other undivided profits 125,375 62 

Dividends, 20,025 00 

National Bank notes outstanding, 180,000 00 

Individual deposits 4,260,264 22 

Bank deposits 6,201,758 61 

United States deposit 90,000 00 

Total, $11,877,423 45 

To show the progress in business, statements for ten 
and twenty yeare after the bank's establishment are here- 
with given : — 

March 30. 1864. 

RESOURCES. 

Loans, $740,472 81 

Sundry bonds and stocks, , 5,200 00 

United States interest account, 3,412 75 

United States notes, 11,371 69 

Specie, 67,016 51 

Bills and checks uu other banks, . .... 30,84524 

Total $848,319 00 

LIABILITIES. 

Capital $400,000 00 

Profit and loss, .... 39,423 87 

Deposits, 257,960 29 

Dividends unpaid, 250 50 

United States tax account, 1,300 26 

Banks and bankers, 15,248 08 

Circulation, . 134,136 00 

Total $848,310 00 



MAVERICK NATIONAL BANK. 



75 



March 26, 1874. 
RESOURCES. 

Loans $946,500 79 

United States bonds at Washington, D. C, to secure circulation, 275,000 00 

Due from approved reserve agents, 107,959 36 

Sundry banks 13,370 73 

CleariDg house, 56,718 06 

Legal tenders, 80,350 00 

Specie 3,587 50 

Bills, checks on Assistant Treasurer and Trust Companies, . 28,011 29 

Total $1,511,497 73 

LIABILITIES. 

Capital $400,000 00 

Surplus fund, 80,000 00 

Profit and loss, 111,905 22 

Deposits 553,503 24 

Banks and bankers 125,010 27 

Dividends unpaid, 502 00 

Circulation, 240,577 00 

Total $1,511,497 73 



Telegraph Code. 

The following telegraph code is in use by correspondents 
of the Maverick National Bank for purchases, sales, and 
exchanges of United States bonds. It is the code in 
general use for telegraphing between bankers. 



Securities 



Regd. 4£s, 1891, 
Coup. do. 
Regd. 4s of 1907, 
Coup. do. 
U. S. Currency 6s, 



Maine. 

Delaware. 

Columbia. 

Montana. 

Idaho. 



76 



MAVERICK NATIONAL BANK. 



Called Bonds, .... 
Regd. District of Columbia 3-65s, 
Coup. do. do. 



Nevada. 

Kentucky. 

Texas. 



Phrases. 



ity 

for 



At what will you sell, 

At what will you buy, 

At what can you buy for us, . 

All right — we take the — at, . 

All right — we sell you the — at, 

Answer by mail, 

Buy for our account, 

Buy at best rate, 

Bonds held at Washington as secur 

tion, 

Deposit at Washington as security 

Hold for instructions, . 

How does market look, . 

If accepted immediately by wire, 

If bought, sell out again, 

If sold, buy back, . 

If unsold on receipt of your answer 

Make best bid for, . 

Market is very active, 

Market is very dull, 

Market unsettled. Can't name price to 

Order good until countermanded. 

Scarce and in demand, . 

Sell for our account, 

Sell at best rate, 

Send by express, 

Send by mail, . 

Telegraph us an order and we 

can, .... 
Too late to do anything. 
We accept your offer, 
We are out of, 



will 



for circula- 
circulation, 



keep open, 



do the best we 



Europe. 

Asia. 

Rome. 

Sweden. 

Norway. 

Canada. 

Ireland. 

Belgium. 

Egypt. 

Palestine. 

Erankfort. 

Toronto. 

Glasgow. 

Paris. 

London. 

Pekin. 

Persia. 

Ontario. 

Erance. 

Portugal. 

Malta. 

England. 

Italy. 

Scotland. 

Berlin. 

Amsterdam. 

Spain. 
Austria. 
India. 
Dublin. 



MAVEKICK NATIONAL BANK. 



77 



We are full of, ... 

We are unable to draw. Please remit, 

We can buy for you, 

We decline your offer, . 

We do not wish to sell, . 

We do not wish to buy, . 

We have sold for your account, 

We have bought for your account. 

We hold for instructions, 

We raise limit to, . 

We reduce limit to, 

We send by express, 

We send by mail, . 

We will sell, . 

We will buy, . 

We will give, . 



Edinburgh. 

Moscow. 

Eussia. 

China. 

Japan. 

Denmark. 

Holland. 

Wales. 

Vienna. 

Syria. 

Greece. 

Brussels. 

Liverpool. 

Africa. 

America. 

Naples. 



Amounts. 



Belle, . 






1,000 


Ellen, . 






2,000 


Lottie, 






3,000 


Louisa, 






4,000 


Thomas, 






5,000 


John, . 






10,000 


William, 






20,000 


Blossom, 






25,000 


Martin, 






. 30,000 


Luther, 






40,000 


Alexander, 






50,000 


Stephen, 






. 60,000 


Joseph, 






70,000 


Henry, 






75,000 


Charles, 






80,000 


Mary, . 






. 90,000 


Emily, 






. 100,000 



George, 

Fanny, 

Jane, . 

Edward, 

Sally, . 

Laura, 

Richard, 

Miriam, 

Adolph, 

Mark, . 

Luke, . 

Matthew, 

Samuel, 

Peter, . 

Robert, 

Gypsy, 

Choctaw, 



110,000 
120,000 
125,000 
130,000 
140,000 
150,000 
160,000 
170,000 
180,000 
190,000 
200,000 
225,000 
250,000 
300,000 
400,000 
500,000 
1,000,000 



78 



MAVERICK NATIONAL BANK. 





Rates. 




ONE. 


four. 


SEVEN. 


H Broad. 


41 Green. 


71 Pine. 


li Bank. 


4i Gaskill. 


7£ Park. 


If Beaver. 


4f Gay. 


7f Pear. 


li Bond. 


4£ George. 


lh Poplar. 


1| Brook. 


4f German. 


7f Plum. 


l.| Brown. 


4f Girard. 


7| Prince. 


If Button. 


41 Grape. 


71 Prune. 


TWO. 


FIVE. 


EIGHT. 


2£ Chestnut. 


51 Locust. 


81 Race. 


2± Cedar. 


5£ Laurel. 


8± Rawle. 


2| Centre. 


5f Lemon. 


8f Read. 


2k Cherry. 


5£ Linden. 


8£ Ritner. 


2f Church. 


5f Lilly. 


8| Rose. 


2| Clinton. 


5f Logan. 


8| Rush. 


21 Crown. 


51 Lombard. 


81 Rye. 


THREE. 


SIX. 


NESTE. 


3J- Front. 


61 Matron. 


91 Spruce. 


3£ Federal. 


6£ Master. 


9i Sansom. 


3| Filbert. 


6f Marshal. 


9f Shippen 


3£ Franklin. 


6i Melon. 


9-i Small. 


3| Fayette. 


6| Minor. 


9| Spring. 


3| Farr. 


6| Myrtle. 


9| South. 


31 Fulton. 


61 Mulberry. 

NOUGHT. 


91 Summer 


01 Walnut. 


0£ Weaver. 


01 Willow. 


01 Warren. 


Of West. 


0<h Bm. 


Of Water. 


Of Wood. 


0^ Needle 



CHAPTER VII 



COINAGE AND CURRENCY. 



Oriental and European Coinage. — Colonial Coinage. — The Silver Dollar.— 
United States Coinage. — Value of Foreign Coins. — Legal Tender and 
Bank Notes Statistics. — The Distribution of the Currency of the United 
States. — Q-old and Silver Production. — Ratio of Silver to Gold. 

Primitive Coins. 

Gold and silver were in use among the Orientals as 
money long before the beginning of authentic history. It 
is said of Abraham that " he was rich in silver and gold, 
and bought a sepulchre for his wife Sarah for four 
hundred shekels of silver" ($250). The Lydians are 
said to have been the first to coin money. The standard 
money of Greece, down to a comparatively recent date, 
was silver. Gold coins were in circulation, but they were 
of foreign origin. Philip of Macedon was the first to 
introduce gold coinage into Greece ; later, the spoils of 
Alexander made the article common. The Romans for a 
long time used only bronze and copper coins. Their first 
silver money was made 269 B. C. ; their first gold coin 
not until 207 B. C. 

The study of modern coinage is somewhat perplexing 
on account of the frequent changes in the names of the 
coins. Of the mediaeval coins the Sequin, mentioned so 
often in the "Arabian Nights," is still in use. It origi- 



80 MAVERICK NATIONAL BANK. 

nated in Venice and was called Zecchino, from the mint at 
which it was coined. It is still common in the Levant. 
The English guinea is perhaps the finest gold coin ever 
struck. It was so named because first made from gold 
brought from the Guinea coast in the reign of Charles II. 

The first coins made for American use were of brass, 
and were struck in the Bermudas in 1612 for the Virginia 
Company. In 1652 Massachusetts instituted the coinage 
of " pine tree" money. Although this coinage was not 
discontinued until 1686, the "pine tree shillings" all 
bore the date 1652. 

In 1785 Congress ordered the adoption of the decimal 
system. The United States Mint was organized in 1793. 
The first deposit of gold bullion for coinage was made 
Feb. 12, 1795, by Moses Brown, a merchant of Boston. 
It consisted of gold ingots, amounting to two thousand 
two hundred and seventy-six dollars and twenty-two 
cents ($2,276.22). 

Our Silver Dollar. 
Previous to July 6, 1785, the English coinage was in 
common use. On that date the Continental Congress 
established the dollar, although the exact weight was not 
fixed until Aug. 8, 1786, when it was made to equal 
about that of the old Spanish dollar. The dollar did not 
originate with the Spanish, but was first coined at Joa- 
chaimsthal, a mining town in Bohemia. A brief history 
of the standard silver dollar is as follows : — 

Authorized to be coined, Act of April 2, 1792. Weight, 416 grains, standard 
silver; fineness, 892.4; equivalent to 371^ grains of fine silver, with 44% grains 
alloy of pure copper. 



MAVERICK NATIONAL BANK. 81 



Weight changed, Act of Jan. 18, 1837, to 412)4 grains, and fineness 
changed to 900, preserving the same amount of pure silver = 371)£ grains, with 
1-10 alloy. 

Coinage discontinued, Act of Feb. 12, 1873. 

Total amount coined, from 1792 to 1873, $8,045,838. 

Coinage revived, two million dollars worth of silver per month required to be 
coined, and issue made legal tender for all debts, public and private, Act of 
Feb. 28, 1878. 

Total amount coined, Feb. 28, 1878. to Nov. 1, 1886, $247,131,549. 



Specie in the United States. 

The Director of the Mint estimated the gold and 
silver currency in the United States on June 30, 1879, 
the year of the resumption of specie payments, as 
follows: Gold, $286,490,698; silver, $112,050,985. 
Total, $398,541,683. 

June 30, 1885, the present Director of the Mint 
estimates that the coin circulation of the United States 
aggregated — Gold, $542,174,636; silver, $278,824,201. 
Total, $820,998,837. 

Coinage of the U. S. Mints, Fiscal Year to June 
30, 1886. 

Gold coinage, $34,077,380 00 

Silver coinage — silver dollars, . . 29,838,905 00 
halves, quarters, and 

dimes, . . . 183,442 95 

Minor coinage — five, three, and one 

cent pieces, . . 17,377 65 



Total coinage, .... $64,117,105 60 



82 



MAVERICK NATIONAL BANK. 



Table showing ttie Legal Weight and Fineness of 
the Coins of the United States, and their Diameter 
and Thickness. 





Legal 


Fineness 
(l,000ths). 


Diameter 


Thickness 




weight 


(20ths of an 


(LOOOthsof 




(Grains). 


inch). 


an inch). 


Gold. 










Double eagle, . 


516 


900 


27 


77 


Eagle, 


258 


900 


21 


60 


Half eagle, 


129 


900 


17 


46 


Three dollars, . 


64.5 


900 


16 


34 


Quarter eagle, . 


77.4 


900 


15 


34 


Dollar (new), . 


25.8 


900 


11 


18 


Silver. 










Trade dollar, . 


420 


900 


30 


82 


Standard dollar, 


412.5 


900 


30 


80 


Half dollar, . 


192.9 


900 


24 


57 


Quarter dollar, 


96.45 


900 


19 


45 


Twenty cents, . 


77.16 


900 


17^ 


47 


Dime, 


38.58 


900 


14 


32 


Half dime, 


19.2 


900 


12 


23 


Three cents, . 


11.52 


900 


11 


18 


Minor. 










Five cents, 


77.16 


\ 75$ copper, . . ) 
} 25$ nickel, . . \ 


16 


62 


Three cents, . 


30 


\ 75$ copper, . . 1 
I 25# nickel, . . j 


U)4 


34 


Two cents, 


96 


95$ copper, . 
| 5$ tin and zinc, . J 


18 


60 


One cent, . 


48 


\ 95$ copper, . . ) 
) a% tin and zinc, . j 


15 


43 



The Space required for the Storage of United 
States Gold and Silver Coins. 



Description. 


Amount. 


How put up. 


Space required. 


Gold coin, 
Silver dollars, . 
Subsidiary silver, . 


$1,000,000 
1,000,000 
1,000,000 


$5,000 in 8-oz duck 

bags. 
1,000 in 8-oz. duck 

bags. 
1,000 in 8-oz. duck 

bags. 


Nearly 17 cubic 

feet. 
250 cubic feet. 

15G cubic feet. 



The space occupied by a bag of standard silver dol- 
lars, piled in a mass, is 12 inches long, 9 wide, and 4 
deep. Small silver packs better than dollars. The 



MAVERICK NATIONAL BANK. 



83 



weight of a thousand dollars in subsidiary silver being 
56 ounces less than that of an equal value in standard 
silver dollars, the spaces occupied by each vary but little 
from each other. 



Value of Foreign Coins. 









Value in 




Country. 


Monetary Unit. 


Standard. 


U.S. 
Money. 


Standard Coin. 


Argentine Rep 


Peso, . 


G.andS. 


.96,5 


1-20, 1-10, 1-5, 1-2, and 
[1 peso, 1-2 argentine 
[and argentine. 


Austria, . 


Florin, . 


Silver, . 


.35,9 


Belgium, . 


Franc, . 


G.andS. 


.19,3 


5, 10, and 20 francs 


Bolivia, . 


Boliviano, . 


Silver, . 


.72,7 


Boliviano. 


H azil, 


Milreis of 1,000 reis, . 


Gold, . 


.54,6 




Canada, . 


Dollar, 


Gold, . 


$1.00 


[escudo. 


Chili, 


Peso, . 


G.andS. 


.91,2 


Condor, doubloon and 


Cuba, 


Peso 


G andS 


.93,2 


1-16, 1-8, 1-4, 1-2, and 1 
doubloon. 


Denmark, 


Crown, 


Gold, . 


.26,8 


10 and 20 crowns. 


Ecuador, . . 


Peso, . 


Silver, 


.72,7 


Peso. [piasters. 


Egypt, 


Piaster, 


Gold, . 


.04,9 


5, 10, 25, 50, and 100 


France, . 


Franc, . 


G andS. 


.19,3 


5, 10, and 20 francs. 


Germ'nEmpire 


Mark 


Gold, 


.23,8 


5, 10, and 20 marks. 


Great Britain, . 


Pound sterling, . 


Gold, . 


4.86,6^ 


1-2 sovereign and sover- 


Greece, . 


Drachma, . 


G andS. 


.19,3 


eign. 
5, 10, 20, 50, and 100 
drachmas. 


Hayti, 


Gourde, 


G.andS 


.96,5 


1, 2, 5, and 10 gourdes. 


India, 


Rupee of 16 annas, 


Silver, . 


.34,6 




Italy, 


Lira, . 


G.andS. 


.19,3 


5, 10,20,50, and 100 lire. 


Japan, 


Yen 


Silver, . 


.78,4 


1, 2, 5, 10, and 20 yen, 


Liberia, . 


Dollar, 


Goid, . 


1.00 


[ gold and silver yen. 


Mexico, . 


Dollar, 


Silver, . 


.79 


Peso or dollar, 5, 10, 25, 


Netherlands, 


Florin, 


G andS. 


.40,2 


[and 50 centavo. 


Norway, . 


Crown, 


Gold, . 


.26,8 


10 and 20 crowns. 


Peru, 


Sol 


Silver, . 


.72,7 


Sol. 


Portugal, . 


Milreis of 1,000 reis, 


Gold, . 


1.08 


2, 5, and 10 milreis. 


Russia, 


Rouble of 100 copecks 


Silver, . 


.58,2 


1-4, 1-2, and I rouble. 


Spain, 


Peseta of 100 centimes 


G andS. 


.19,3 


5, 10, 20, 50, and 100 
pesetas 


Sweden, . 


Crown, 


Gold, . 


.26,8 


10 and 20 crowns. 


Switzerland, . 


Franc 


G andS. 


.19,3 


5, 10, and 20 francs. 


Tripoli, . 


Mahbub of 20 piasters 


Silver, . 


.65,6 


[piasters. 


Turkey, . 


Piaster, 


Gold, . 


.04,4 


25, 50, 100, 250, and 500 


U. S. Colombia 


Peso, . . . . 


Silver, . 


.72,7 


Peso. [bolivar. 


Venezuela, 


Bolivar, 


G. and S. 


.19,'3 


5, 10, 20, 50, and 100 



Legal Tenders and Bank Notes. 
In the following table are given the amounts and kinds 
of the outstanding currency of the United States and of 
the national banks on January 1, of each year, from 1866 



84 



MAVERICK NATIONAL BANK. 



to 1886, and on Nov. 1, 1886, to which is prefixed the 
amount on Aug. 31, 1865, when the public debt reached 
its maximum. 

[000 omitted.] 









United States Issues. 


Notes of Nat'l 
Banks, in- 
cluding Gold 
Notes. 


1 


9) 

Oh O 

o 


*t? 




DATE. 


u 

■s 

a 
£ to 

c3 o 


a 

oS 

9 w 

Go 

o 


O 0> 




Aug. 


31, 1865 




$432,553 


$402 


$26,344 


$176,213 


$635,515 


$144 25 


$69 32 


Jan. 


1, 1866 




425,839 


392 


26,000 


236,636 


688,867 


144 50 


69 20 


Jan. 


1, 1867 




380,276 


221 


28,732 


298,588 


707,819 


133 00 


75 18 


Jan. 


1, 1868 




356,000 


159 


31,597 


299,846 


687,602 


133 25 


75 04 


Jan. 


1, 1869 




356,000 


128 


34,215 


299,747 


690,091 


135 00 


74 07 


Jan. 


1, 1870 




356,000 


113 


39,762 


299,629 


695,505 


120 00 


83 33 


Jan. 


1, 1871 




356,000 


101 


39,995 


306,307 


702,403 


110 75 


90 29 


Jan. 


1, 1872 




357,500 


92 


40,767 


328,465 


726,826 


109 50 


91 32 


Jan. 


1, 1873 




358,557 


84 


45,722 


344,582 


748,947 


112 00 


89 25 


Jan. 


1, 1874 




378,401 


79 


48,544 


350,848 


777,874 


110 25 


90 70 


Jan. 


1, 1875 




382,000 


72 


46,390 


354,128 


782,591 


112 50 


88 89 


Jan. 


1, 1876 




371,827 


69 


44,147 


346,479 


762,523 


112 75 


88 69 


Jan. 


1, 1877 




366,055 


65 


26,348 


321,595 


714,064 


107 00 


93 46 


Jan. 


1, 1878 




349,943 


63 


17,764 


321,672 


689,443 


102 87 


97 21 


Jan. 


1, 1879 




346,681 


62 


16,i08 


323,791 


686,642 


100 00 


100 00 


Jan. 


1, 1880 




346,681 


61 


15,674 


342,387 


704,804 


100 00 


100 00 


Jan. 


1, 1881 




346,681 


60 


15,523 


344,355 


706,620 


100 00 


100 00 


Jan. 


1, 1882 




346,681 


59 


15,451 


362,421 


724,614 


100 00 


100 00 


Jan. 


1, 1883 




346,681 


59 


15,398 


361,882 


724,021 


100 00 


100 00 


Jan. 


1, 1884 




346,681 


58 


15,365 


349,949 


712,054 


100 00 


100 00 


Jan. 


1, 1885 




346,681 


53 


15,347 


329,158 


691,245 


100 00 


100 00 


Jan. 


1, 1886 




346,681 


57 


15,335 


317,443 


679,517 


100 00 


100 00 


Nov. 


1, 1886 




346,681 


57 


15,329 


301,529* 


663,697 


100 00 


100 00 



* Includes $296,069 notes of gold banks and $220,599 mutilated currency in 
transit. 



MAVERICK NATIONAL BANK. 



85 



Paper Money in the United States. 
The following table shows, by denominations, the 
amount of national bank and legal tender notes out- 
standing on Nov. 1, 1886, and the aggregate amounts of 
both kinds of notes at the same period in 1884 and 1885 : 





1886. 


1885. 


1884. 


Denominations 


National 
liank 
Notes. 


Legal 
Tender 
Notes. 


Aggregate. 


Aggregate. 


Aggregate. 


Ones, . 


$409,690 


$14,319,23S 


$14,728,928 


$23,139,173 


$27,258,839 


Twos, 


215,426 


14,938,315 


15,153,741 


23,472,420 


27,067,206 


Fives, 


82,790,440 


97,990,310 


180,780,750 


166,024,919 


163,363,205 


Tens, . 


99,286,920 


71,257,924 


170,544,844 


175,214,680 


180,491,886 


Twenties, . 


70,955,280 


56,745,463 


127,700,743 


137,028,787 


135,277,089 


Fifties, 


18,193,650 


21,698,945 


39,892,595 


43,535,145 


44,617,045 


One-hundreds, 


28,067,100 


29,232,820 


57,899,920 


61,221,790 


66,170,690 


Five-hundreds, 


393,000 


8,495,500 


8,888,500 


15,750,500 


16,063,500 


One-thousands, 


79,000 


32,942,500 


33,021,500 


22,041,500 


19,659,500 


Five-thousands, 


- 


50,000 


50,000 


95,000 


105,000 


Ten-thousands, 


- 


10,000 


10,000 


30,000 


60,000 


Add for unre 
deemed frag 
ments of Na 
tional BanL 
Notes, 


+22,715 






+21,890 


+20,749 


Deduct for Le 
gal T e n d e l 
Notes destroy 
ed in Chicagc 
fire, 




—1,000,000 




—1,000,000 


—1,000,000 


Totals, 


$301,013,221 


$346,681,016 


$647,694,237 


$661,575,834 


$679,154,709 



86 



MAVEKICK NATIONAL BANK, 



Distribution of the Currency of the United States. 





Nov. 1, 1883. 


Nov. 1, 1884. 


Nov. 1,18S5. 


Nov. 1. 1886. 


Gold. 

In Treasury, less certifs., 
In Nat'l Banks, incl. certifs., 
In State Banks, incl. certifs., 


Millions. 
157 

18 


Millions. 
134 
117 
25 


Millions. 
142 
161 
31 


Millions. 
158 
144 
24 


Total gold, 


273 


277 


335 


327 


Silver. 










In Treasury, standard silver 
dollars, .... 
In Treasury, bullion, . 
In Treasury, fractional coin, 
In National Banks, 


116 
4 

26 
10 


142 
4 

29 

8 


163 

3 

22 

9 


182 

3 

26 
11 


Total silver, 


157 


185 


199 


224 


Paper Currency. 










In Treasury, less certifs., 
In Nat'l Banks, incl. certifs., 
In State Banks, incl certifs., 
In Savings Banks, . 


30 

103 

28 

12 


26 
114 
32 
14 


27 
111 
39 
13 


30 
91 
14 
19 


Total currency, 


175 


187 


192 


156 


Grand totals, 


606 


650 


727 


709 



If the amounts of gold and silver coin and of currency 
in the treasury and the banks be deducted from the 
aggregate amount in the country, the remainder will be, 
approximately, the amounts in the hands of the people, 
as follows : — 



Current 
Money. 


Nov. 1, 
1881. 


Nov. 1, 
1882. 


Nov. 1, 
1883. 


Nov. 1, 
1884. 


Nov. 1, 
1885. 


Nov. 1, 
1SS6. 


Gold, 


Millions. 
267 


Millions. 
306 


Millions. 
308 


Millions. 

307 


Millions. 
251 


Millions. 

287 


Silver, . 


82 


80 


84 


90 


107 


107 


Paper currency, 


567 


548 


523 


492 


470 


491 


Totals, 


918 


936 


916 


891 


829 


876 



MAVERICK NATIONAL BANK. 87 

Gold and Silver Production. 

The discovery of America considerably increased the 
quantity of gold, and immensely increased the quantity 
of silver in existence. The discovery of the Russian 
gold mines made that country at a later date the chief 
gold-producing nation ; but this position was taken from 
her on the discovery of the California and Australia 
mines. 

The production of the precious metals from the ear- 
liest times to the close of 1886 is estimated at $26,883,- 
000,000, of which $14,852,000,000 is put down to gold and 
$12,031,000,000 to silver. Allowing for loss, the present 
amount is placed at $13,974,000,000, — $8,352,000,000 
gold and $5,622,000,000 silver. 

Of this, $11,000,000,000 represents coin and bullion, 
and the remainder watches, plate, jewelry, and ornamental 
work. 

Of the amount now in existence, $10,621,000,000 are 
estimated to have been obtained from America, $1,618,- 
000,000 from Asia (including Australia, New Zealand, 
and Oceanica), $1,089,000,000 from Europe, and $646,- 
000,000 from Africa. 

In 1885, the product of the world was $226,530,000, — 
gold $101,526,000, silver $124,968,000; of which the 
United States is credited with $31,801 ,000 of gold and 
$51,600,000 of silver, a total of $83,401,000. 

Recent figures give the product of the United States in 
1886 as $35,000,000 of gold and $51,000,000 of silver, a 
total of $86,000,000. 



88 



MAVEKICK NATIONAL BANK. 



Gold and Silver Product of the United States. 



Year. 


Gold. 


Silver. 


Total. 


Year 


Gold. 


Silver. 


Total. 




Dollars. 


Dollars. 


Dollars. 




Dollars. 


Dollars. 


Dollars. 


1845, 


1,005,327 


* 


1,008,327 


1867 


51,725,000 


13,500,000 


65,225,000 


1846, 


1,239,357 


- 


1,139,357 


1868 


48,000,000 


12,000,000 


60,000,000 


1847, 


889,085 


- 


839,085 


1869 


49,500,000 


12,000,000 


61,500,000 


1848, 


10,000,000 




10,000,000 


1870 


50,000,000 


16,000,000 


66,000,000 


1849, 


40,000,000 


~ 


40,000,000 


1871 


43,500,000 


23,000,000 


66,500,OOo 


1850, 


50,000,000 




50,000,000 


1872 


36,000,000 


28,750,000 


64,750,000 


1851, 


55,000,000 




55,000,000 


1873 


36,000,000 35,750,000 


71,750,000 


1852, 


60,000,000 


f 


60,000,000 


1874 


33,490,902 37,324,594 


70,815,496 


1853, 


65,000,000 




65,000,000 


1875 


33,467,856 31,727,560 


65,195,416 


1854, 


60,000,000 


- 


60,000,000 


1876 


39,929,166! 38,783,016 


78,712,182 


1855, 


55,000,000 




55,000,000 


1877 


46,897,390! 39,793,573 


86,690,963 


1856, 


55,000,000 




55,000,000 


1878 


51,206,360 45,281,385 


96,487,745 


1857, 


55,000,000 


" 


55,000,000 


1879 


38,899,858 40,812,132 


79,711,990 


1858, 


50,000,000 


500,000 


50,500,000 


1880 


36,000,000 


38,450,000 


74,450,000 


1859, 


50,000,000 


100,000 


50,100,000 


1881 


34,700,000 


43,000,000 


77,700,000 


1860, 


46,000,000 


150,000 


46,150,000 


1882 


32,500,000 


46,S00,000 


79,300,000 


1861, 


43,000,000 


2,000,000 


45,000,000 


1883 


30,000,000 


46,200,000 


76,200,000 


1862, 


39,200,000 


4,500,000 


43,700,000 


1884 


30,800,000 


48,800,000 


79,600,000 


1863, 


40,000,000 


8,500,000 


48,500,000 


1885 


31,801,000 


51,600,000 


83,401,000 


1864, 
1865, 
1866, 


46,100,000 
53,225,000 
53,500,000 


11,000,000 
11,250,000 
10,000,000 


57,100,000 
64,475,000 
63,500,000 


1886 


35,000,000 


51,000,000 


86,000,0*0 


Tota 


, 1,683,479,301 


748,572,260 


2,467,051,561 



* From 1849 to 1858, estimated product $50,000 per annum 

f The silver mines of the United States were discovered in 1859. 



MAVERICK NATIONAL BANK. 



89 



Gold and Silver op Domestic Production deposited 
at the Mints and Assay Offices from their Organ- 
ization, IN 1793, TO THE CLOSE OF THE FlSCAL YEAR 

ending June 30, 1886. 



Locality. 



Gold. 



Silver. 



Total. 



Alabama, 

Alaska, 

Arizona, 



California, . 
Colorado, . 



Dakota, 

Georgia, 

Idaho, . 
Indiana, 



Maine, 
Maryland, . 
Massachusetts . 
Michigan, . 
Montana, . 



Nebraska, . 

Nevada, 

New Hampshire, 

New Mexico, 

North Carolina, . 



Oregon, 

Pennsylvania, 

South Carolina, 

Tennessee, . 
Texas, 



Utah, 



Vermont, 
Virginia, 



Washington Territory, 
Wyoming, . 

Other sources, or not re 
ported, 

Total unrefined, . 
Refined bullion, . 

Grand Total, 



$226, 

263 

4.005 

740,061, 
50,087 

25,912 

8,415 

28,242 



23 

57,942 



23,402 
11 

2,434 

11,068 

18,741 



974 58 
664 17 
061 03 

,407 17 
,096 25 

,794 26 

,475 79 

403 89 
40 13 

638 20 
848 57 

,029 71 
,047 01 

651 63 
,999 35 
,020 55 
,412 84 
347 20 

,932 24 

,138 34 

,890 33 

,665 93 
,147 40 



783,343 95 



85 
1,715 



598 21 
,578 01 



U81 95 

3,768 86 



37,169,366 65 



$64 02 

2,195 01 

13,515,770 65 

3,925,546 95 

23,910,646 24 

552,639 59 

3,461 54 

1,397,222 91 



22 00 

3 24 

917 56 

3,629,325 39 

13,588,327 90 

6 18 
92,818,836 47 

5,555,100 10 
49,179 87 

60,386 62 

2,588 47 

1,244 70 

10 15 
2,739 03 

18,973,228 37 

49 94 

222 29 

1,772 97 
12,126 16 



41,793,414 43 



$227 

265 

17,520 

743,986 
73,997 

26,465 

8,418 

29,639 



3,652 
71,530 



116,221 

11 

7,989 

11,117 

18. 



1,6(01 



,038 60 
,859 18 
831 68 

954 12 
742 4*» 

433 85 

,937 33 

,626 80 
40 13 

,660 20 
,851 81 
917 56 
355 10 
,374 91 

657 81 
,835 82 
,020 55 
,512 94 
,527 07 

,318 86 

,726 81 

,135 03 



87,676 08 
4,886 43 

19,756,572 32 



85 
1.715 



,648 15 
,800 30 



765 



,954 92 
895 02 



78,962,781 08 



$1,013,452,524 20 
288,183,599 24 



$219,797,048 75 
165,984,502 64 



$1,233,249,572 95 
454,168,101 88 



$1,301,636,123 44 



$385,781,551 39 



$1,687,417,674 83 



90 



MAVERICK NATIONAL BANK. 



Gold and Silver Production of the United States, 
Calendar Year, 1885. 



State or Territory. 


Gold. 


Silver. 


TotaL 


Alaska, 


$300,000 


$2,000 


$302,000 


Arizona, 










880,000 


3.800,000 


4,680,000 


California, . 










12,700,000 


2,500.000 


15,200,000 


Colorado, 










4,200,000 


15,800,000 


20,000,000 


Dakota, 










3,200,000 


100,000 


3,300,000 


Georgia, 










130,000 


- 


36,000 


Idaho, . 










1,800,000 


3.500,000 


5,300,000 


Montana, 










3,300.000 


10,080,000 


13,360. COO 


Nevada, 










3,100,000 


6.000,000 


9,100,000 


New Mexico, 










800,000 


3,000,000 


3,800,000 


North Carolina, 










152,000 


3,000 


155.000 


Oregon, 










800,000 


10,000 


810,00 


South Carolina, 










43,000 


- 


43,000 


Utah, . 










180,000 


6,750,000 


6,930,000 


\\ ashington, 








120,000 


70,000 


190,000 


Texas, Alabama 


Tennessee, Virginia, 








Vermont, Michigan, and Wyoming, 


90,000 


5,000 


95,000 


Total (Mint E 


irect 


or's 


Estir 


date), 


$31,801,000 


$51,600,000 


$83,401,000 



The Ratio of Silver to Gold. 

In 1687 the ratio of silver to gold was as 14.94 to 1. 
In 1702 the silver ratio, to gold as a unit, stood 15.52. 
In 1760 it was at 14.14, the highest silver value during 
the past two hundred years. The ratio in later years has 
been : — 



Yxxa. 


Eatio. 


Yeas. 


Ratio. 


1800 


15.68 


1880, 


18.05 


1813, 


16.25 


1881, 


18.16 


1874, 


16.17 


1882, 


18.19 


1878, 


17.88 


1883 


18.44 


1878, 


17.94 


1884 


18.57 


1879, 


18.40 


1885, 


19.41 



CHAPTER VIII. 



BANK CLEARING HOUSES. 



History. — The United States Clearing Houses. — Number of Banks repre- 
sented. —Managers.— Exchanges, 1885 and 1886. — Four Months of 1887 
compared with 1886. — New York Clearances, by Years. — History of the 
Boston Clearing nouse. — Its Exchanges, by Years. — Clearances of the 
World. 



History. 

The bank clearing-house system was first established 
in London in the latter part of the last century. We find 
that in 1775 the London banks used a room in Lombard 
Street for exchanging checks and securities, reducing 
thereby the amounts of actual money used in settlements. 
But as early as 1773 there is a record in the books of 
Messrs. Martin & Co. which reads, " Quarterly charge 
for use of clearing room, 19s. 6(Z." The record of the 
London clearing house is very meagre. Few data of 
the transactions previous to as late as 1840 can be 
obtained, though we know that in 1810 there was a 
London clearing house representing forty-six banks. 

The New York Clearing-House Association was 
organized with fifty-five banks, representing an aggre- 
gate capital of $47,000,000, Oct. 3, 1853, and it began 
operations Oct. 11, 1853. The perfect record kept by 
this institution has induced the London and other clear- 
ing-house associations to preserve details of their trans- 
actions. 



92 MAVERICK NATIONAL BANK. 

It is probable that the bank clearing houses in the 
United States (aggregating thirty-three and representing 
five hundred and thirty banks) exceed in number the 
clearing houses throughout Great Britain and Europe. 

It is a noteworthy fact that the New York clearing 
house has had, in an existence of thirty-four years, but 
two managers, — Mr. George D. Lyman, manager until 
1864, and Mr. William A. Camp, manager since that time. 
The clearing-house building is No. 14 Pine Street, and 
the property is owned by the associated banks. The 
largest exchanges ever settled here in any one day 
were on Feb. 28, 1881, and amounted to $295,822,422, 
and the smallest exchanges in any one day since the 
organization were on Oct. 30, 1857, and amounted 
to only $8,357,394. Feb. 28, 1881, one bank brought 
for clearing exchanges amounting to $31,772,391. 

The following table will show the number of clearing 
houses in the United States, the date of organization, the 
number of banks represented, the managers, and the 
comparative exchanges in 1885 and 1886 : — 



MAVERICK NATIONAL BANK. 



93 







a 


o 








No. 


Clearing House. 


O . 




Manager. 


a els 


Li'i 

1 s" 


1 


New York, 


1853 


64 


William A. Camp, . 


$34,000 


$28,000 


2 


Boston, 


1856 


52 


N. G-. Snelling, 


4,095 


3,490 


3 


Philadelphia, . 


1858 


37 


John C. Boyd, 


2,912 


2,380 


4 


Chicago, . 


1865 


21 


A. P. Smith, . 


2,604 


2,318 


5 


8t. Louis, . 


1868 


19 


Edward Chase, 


810 


759 


6 


Baltimore, 


1858 


23 


William H. Wells, . 


616 


582 


7 


San Francisco, . 


1876 


16 


Charles Sleeper, . 


642 


562 


8 


Pittsburgh, 


1866 


19 


J. M. Chaplin, 
Isaac N. Mayuard, . 
William D. Duble, 


409 


356 


9 


New Orleans, . 


1872 


12 


387 


385 


10 


Cincinnati, 


1866 


20 


514 


445 


11 


Providence, 


1866 


35 


J. W. Vernon, 


233 


216 


12 


Louisville, 


1876 


21 


Clinton McClarty, . 


233 


218 


13 


Milwaukee, 


1868 


10 


F. L. Baker, . 


196 


186 


14 


Detroit, . 


1883 


15 


F. W. Hayes, 


106 


142 


15 


Cleveland, 


1858 


10 


Louis Smies, . 


130 


104 


16 


Indianapolis, . 


1871 


7 


W. W. Wollen, . 


91 


66 


17 


Kansas City, . 


1873 


10 


Cyrus S. Hawley, . 


285 


224 


18 


Hartford, . 


1872 


15 


George F Hills, . 


87 


81 


19 


New Haven, . 


1872 


10 


J C.Bradley, 


58 


55 


20 


Columbus, 


1868 


15 


John Field, 


92 


69 


21 


Memphis, . 


1869 


6 


E. Goldsmith, 


83 


68 


22 


Peoria, 


1880 


9 


B B. Blossom, 


40 


41 


23 


Worcester, 


1861 


8 


L. W. Hammond, . 


44 


39 


24 


Springfield, 


1872 


10 


Arthur B. West, . 


42 


38 


25 


Lowell, 


1876 


7 


G W Knowlton, . 


27 


24 


26 


Syracuse, . 


1874 


8 


G. F L. Car, . 


26 


26 


27 


Portland, . 


1865 


6 


W. n. Ilobbs, 


48 


46 


28 


Omaha, 


1884 


6 


W. H.S.Hughes, . 


188 


123 


29 


St. Joseph, 


1877 


5 


John T. Johnson, . 


48 


36 


30 


Denver, . 


1885 


7 


William D. Dodd, . 


171 


New 


31 


Galveston, 


1885 


7 


N. B Sligh, . 


71 


New. 


32 


St. Paul, . 


1874 


13 


H P. Upham, 


154 


118 


33 


Minneapolis, . 




13 


W. E. Burwell, 


164 


125 




533 


$49,346 


$41,461 



The exchanges of 1886 increased over 1885 by $7,884,- 
947,365, or by 19 per cent. 

The clearances of New York City were 66 per cent, of the 
1885 clearances, and 69 per cent, of the 1886 clearances. 

For the first four months of 1887 the clearances of thirty -five 

cities aggregated $16,914,758, 8C3 

Same period in 18S6, 15,773,391,193 

Increase, $1,141,367,660 

Increase, per cent., 7.2 

The yearly exchanges at New York, expressed in mil- 
lions of dollars, have been as follows : — 



94 



MAVERICK NATIONAL BANK. 



New York Clearing-House Exchanges. 



Year end- 


Xo. of 


Exchanges in 


Year end- 


Xo. of 


Exchanges in 


ing Sept. 30. 


Banks. 


Millions. 


ing Sept. 30. 


Banks. 


Millions. 


1854 


50 


$5,750 


1871 


62 


29,300 


1855 


43 


5,362 


1872 


61 


33,844 


1856 


50 


6,906 


1873 


59 


35,461 


1857 


50 


8,333 


1874 


59 


22,855 


1858 


46 


4,756 


1875 


59 


25,061 


1859 


47 


6,448 


1876 


59 


21,597 


1860 


50 


7,231 


1877 


58 


23,289 


1861 


50 


5,915 


1878 


57 


22,508 


1862 


50 


6,871 


1879 


59 


25,178 


1863 


50 


14,867 


1880 


57 


37,182 


1864 


49 


24,097 


1S81 


60 


48,565 


1865 


55 


26,032 


1882 


61 


46,552 


1866 


58 


28,717 


1883 


63 


40,293 


1867 


58 


28,675 


1884 


61 


34,092 


1863 


59 


28,484 


1S85 


64 


25,250 


1869 


59 


37,407 


1886 


64 


33,374 


1870 


61 


27,804 









From the resumption of specie payments in 1879, to 
Oct. 1, L880, $340,598,000 in gold coin was paid in 
balances, weighing about 559 tons of 2,240 pounds ; in the 
year ending Oct. 1, 1881, there was paid 3372,419,000 
in gold coin, weighing about 617 tons of 2,240 pounds; 
in the year to Oct. 1, 1882, $250,550,000 gold coin, 
weighing about 424 tons. Since Oct. 4, 1882, the Gov- 
ernment has issued United States gold certificates, and 
little or no gold coin is now used in the settlement of 
daily balances. 

The largest amount of gold coin received in any one 
day since organization, in settlement of balances, was on 
the 11th of November, 1879, viz., $8,315,000, weighing 
about 15| tons of 2,000 pounds. 

In January, 1887, there were forty-five National banks 
in the city of New York, with $45,150,000 capital and 
$37,693,100 surplus; net deposits, $319,212,100 ; loans 
and discounts, $254,161,800. There were also twenty- 
eight State banks, with $13,862,700 capital and $8,097,200 
surplus ; net deposits, $77,837,200, and loans $73,761,- 



MAVERICK NATIONAL BANK. 95 

100. The whole number of banks in the city of New 
York is (73) seventy-three (National and State), with 
aggregate capital and surplus, $104,803,000 ; net deposits, 
$397,049,300, and loans and discounts, $327,922,900. 

The Boston Clearing House. 

The Boston clearing house was opened March 29, 
1856. Messrs. Haven, Hall, Lamb, Bates, and other 
prominent bank presidents were instrumental in forming 
the association, which included twenty-seven banks. The 
first officers were Franklin Haven, president, and Wil- 
liam Thomas, secretary. Henry B. Groves was chosen 
manager. The first day's exchanges were $2,780,446. 

Mr. Groves continued manager until his death in 1877, 
when he was succeeded by Mr. Nathaniel G. Snelling, 
the present manager, who had been assistant manager 
since 1861. The number of banks in the association 
is now fifty-two, representing a combined capital of 
$50,500,000. The operations of twenty-four outside 
banks in the vicinity of Boston are also embraced. The 
latter, under the constitution, must pay toward the 
expenses of the clearing house a sum to be annually 
fixed by the committee. No failure has ever occurred 
among the associated Boston banks, although the Metrop- 
olis discontinued business many years ago. 

The system is about the same as in New York. The 
clearing hour is 10 a. m. ; messengers complete the 
delivery of their packages in five minutes. Thirty min- 
utes are allowed for the proof and for delivering check 
tickets ; and for each delay of fifteen minutes beyond 
that time a fine of two dollars is imposed. Debtor 
banks must pay balances by 12.15 p.m. ; and the cred- 
itor banks receive them at 1.30. Balances are usually 
paid in certificates. Under the constitution one of the 



96 



MAVERICK NATIONAL BANK. 



associated banks is a depository of United States gold 
certificates, against which clearing-house certificates may 
be issued. Should a bank default in paying balances, 
any other bank responding to the manager's requisition 
for the deficiency may have its exchanges with the former 
bank cancelled, and be restored to its position before 
the exchange was made. Weekly statements are re- 
quired from all banks. Porters and clerks in the clear- 
ing house, as well as manager, must give bonds. 

The present officers of the association, elected April 
11, 1887, are as follows: Chairman, James H. Beal ; 
Secretary and Manager, Nathaniel Gr. Snelling ; Com- 
mittee, Reuben E. Demmon, Charles O. Billings, George 
Ripley, George E. Bullens, and W. S. Blanchard. 

The following table shows the total yearly exchanges 
from March 29, 1856, to April 1, 1877 : — 



April 



Year 


ENDING — 


, 1857, . . $1,415,923,238 


1858 






1,288,618,000 


1859 






1,263,557,000 


1860 






1,454,313,000 


1861 






1,504,697,000 


1862 






1,170,478,000 


1863 






1,555,774,874 


1864 






1,840,718,000 


1865 






2,445,984,000 


1866 






2,257,356,000 


1867 






2,199,979,715 


1868 






1,870,339,804 


1869 






2,051,791,420 


1870 






2,139,143,244 


1871 






2,158,974,696 


1872 






2,495,774,858 



Year 


ENDING — 


April 1, 1873, . . $2,674,943,559 


1874 






2,569,657,757 


1875 






2,516,166,339 


" 1876 






2,449,279,426 


1877 






2,300,099,683 


1878 






2,313,884,072 


1879 






2,243,804,716 


" 1880 






2,953,818,031 


1881 






3,455,987,062 


1882 






4,128,524,974 


" 1883 






3,632,853,311 


1884 






3,442,688,762 


" 1885 






3,312,459,804 


1886 






3,721,676,952 


" 1887 






4,128,333,964 



The decrease in 1868 was due to the contraction 
of currency by the withdrawal of legal tender notes 
under the Act of 1866. This measure, as generally 
interpreted, had the effect of lowering values and lessen- 
ing the volume of business. 



MAVERICK NATIONAL BANK. 



97 



Clearing-House Exchanges of the World. 

[Foreign money reduced to dollars.] 



State 
or Country. 



Location. 



Date. 



New York, 
Massachusetts, 
Pennsylvania, . 
Illinois, . 



England, 



France, 2 



Austria, 3 



Germany, 



Italy, 



Australia, 1 



New York City (63 banks), 
Boston (52 banks), 
Philadelphia (37 banks), . 
Chicago (20 banks), . 
Other cities (27) of the United 
States (335 banks), 

Total U. 8. (507 banks), . 



London 

London (country clearings), 
Manchester, 
Newcastle-on-Tyne, . 



Total England, 



Paris, 



Vienna, 



Hamburg, 

Berlin, . 

Frankfort, 

Cologne, 

Bremen, 

Leipsic, 

Stuttgart, 

Breslau, 

Dresden, 



Total Germany, 



Milan 

Six other Italian clearing houses. 



Oct. 1, 1886, 
Oct. 1, 18S6, 
Oct. 1, 1886, 
Oct. 1, 1886, 

Oct. 1, 1886, 



Jan. 1,1888, 
Jan. 1, 1886, 
Jan.l, 1886, 
Jan. 1, 18S6, 



Jan. 1, 



Jan. 1, 1886, 



Jan. 1, 1886, 
Jan. 1, 1886, 
Jan. 1, 1886, 
Jan. 1, 1886, 
Jan. 1, 1886, 
Jan 1, 1886, 
Jan. 1, 1886, 
Jan. 1, 1886, 
Jan. 1, 1886, 



Jan. 1, 1886, 
Jan. 1, 1S86, 



$33,374,682,216 
4,008,565,266 
2,785,875,450 
2,560,369,272 

5,482,151,567 



$48,211,643,771 



$26,816,871,486 

2,072,916,000 

543,975,979 

155,843,382 



$29,589,606,847 



$768,747,832 



$1,771,138,171 




$2,987,957,981 



$79,395,481 
35,461,306 



Total Italy, 



Melbourne, . 



$114, 



,787 



Jan. 1, 1886, 



$813,057,891 



1 £ at $4.86, 6. » Franc at 19.3 cents. 

* Mark at 23.8 cents. 6 Lira at 19.3 cents. 



3 Florin at 39.3 cents. 



CHAPTER IX. 



RAILROADS. 



The Development of the Locomotive and the Railway. — Statistics of United 
States Railroads. — Speed of Trains —Railroad Credits. — Street Railways 
of the World. — The Interstate and State Railroad Commissioners. 



The Development of tiie Locomotive and the 
Railway. 

The first railway locomotive was built by Richard 
Trevithick in England in 1804. Its performance at the 
first trial was to draw ten tons of bar iron, besides 
its fuel, water, and the necessary carriages, for a 
distance of nine miles at the rate of five and one-half 
miles per hour. 

Amid absurd notions opposing the introduction of 
steam railroads the locomotive became a practical success, 
and at the opening of the Hexham and Newcastle road, 
in 1825, the number one engine was run, drawing six 
wagons of coal, a covered coach for directors, twenty-one 
coal wagons full of passengers, and after these six more 
loaded coal wagons. 

The act for the building of the Stockton and Darlington 
Railway was passed in 1821, it being the intention of the 
company to use animal power. It was opened Sept. 28, 



MAVERICK NATIONAL BANK. 99 

1825, with a locomotive engine driven by Stephenson 
himself, a signal-man riding on horseback in advance. 
The locomotive drew thirty-four cars, weighing in all 
ninety tons, at ten to twelve miles per hour, and at a 
maximum speed of fifteen miles upon favorable sections 
of the road. In 1827, this railway had four locomotives 
of six horse power each, and two stationary engines, to 
aid in passing two hills. Each engine drew, besides 
tender, fuel, and water, twenty-four iron wagons, each 
weighing twenty-three hundred weight and each carrying 
fifty-three hundred weight of coal, a total train weight 
of ninety-five tons, at a speed of four miles per hour. 

The " Rocket, " which won the prize at the competition 
trial on the 8th of October, 1829, with fifty pounds steam 
pressure to the square inch in the boiler, drew about 
thirteen tons weight at an average speed of fifteen miles 
per hour, the maximum being twenty-nine miles. Its 
success was clue to the introduction of the tubular prin- 
ciple in the boiler, an improvement by which the much- 
needed heating surface was greatly increased. 

Since this period scarcely any new principles of impor- 
tance have been introduced in the locomotive. 

In 1826, the year the Erie Canal was opened, the first 
railroad, or rather tram road, was built at Quincy, Mass. 
It was operated by horse power and stationary engines, 
and was used to haul granite for the building of Bunker 
Hill Monument. It extended from the granite quarries 
to the Neponset River, and was a little less than three 
miles long. It antedated the actual running of the first 
locomotive by about two years. Not until 1871 did it 
become a portion of an actual railroad. 

The first railroad constructed for the transportation 
of passengers and freight was begun by the Baltimore 
and Ohio Company, July 4, 1828. The South Carolina 



100 MAVERICK NATIONAL BANK. 

road was begun in 1830 and opened in 1833, for 
its whole length of 135 miles, being at that time the 
longest continuous line in the world. The Mohawk and 
Hudson, since a portion of the New York Central, was 
begun in 1830, 17 miles being opened in 1831. The 
Saratoga and Schenectady, 21^ miles, was opened in 
1832. 

In Massachusetts, the Boston and Worcester, 44 miles ; 
the Boston and Providence, 41 miles; and the Boston 
and Lowell, 26 miles, were opened in 1835. 

At the end of 1835 the total length of lines in the 
United States was 1,098 miles. 

Railroads have been built in different countries, as 
follows : In France, tramways were used in 1826, and 
plans made for the development of a railroad system in 
1833, but not practically carried out until 1857 ; Germany 
built its first line in 1835 ; Austria-Hungary chartered a 
line in 1824 and opened it in 1828, but railroads were not 
encouraged by the government until 1838 ; Holland 
opened its first railroad in 1840 ; India, in 1845 ; Spain, 
in 1848 ; Brazil, in 1850 ; Chili, 1850 ; Russia opened its 
first important railroad, that between St. Petersburg 
and Moscow, in 1851 ; Peru, in 1852 ; Portugal, in 
1853 ; Canada opened its first line, the Grand Trunk, 
between Portland and Montreal, in 1853 ; Australia, in 
1855; Colombia, the Panama railroad, in 1855; Egypt, 
in 1856; Italy, in 1860; Turkey, in 1860; Switzerland 
opened its first line, the St. Gothard, May 22, 1882 ; 
Mexico, the Mexican Railway, in 1865 ; and China, in 
1876. 



MAVERICK NATIONAL BANK. 



101 



The Railroads of the World, Jan. 1, 1886. 



Countries. 


Miles. 


Countries. 


Miles. 


1. NORTH j 

America. \ 


United States('87), 


137,615 




Portugal, 


1,039 


Canada, 


10,150 




Roumania, . 


1,045 


Mexico, 


3,703 




Russia, 


16,502 








j4. Europe. 
Continued. ' 


Servia, . 
Spain, . 


239 
5,600 


Total, 


North America, . 


151,468 








1 


Sweden, 


4,091 


f 


Costa Rica, . 


110 




Switzerland, 


1,879 




Cuba (Spanish) . 


871 


I 


Turkey, 


920 




Guatemala, . 
Honduras, . 


112 

69 








2. Middle I 


Total, 


Europe, 


123,526 


America, i 


Jamaica (British), 


67 








1 


Nicaragua, . 


99 


r 


Ceylon (British), 


178 




Salvador, 


54 


1 


China, . 


8 


I 


Trinidad, . 


51 


1 


India (British), . 


12,376 




Middle America, . 




5. Asia, J 


Japan, . 

Java (Dutch), . 


346 

3,498 


Total, 


1,433 










Phi lippines 






Argentine Repub., 


4,150 




(Spanish), 


279 




Bolivia, 


81 


I 


Turkey in Asia, . 


250 




Brazil, . 
Chili, . 


3,800 
1,414 










Total, . 


Asia, . 


16,935 


3. South 
America/ 


Colombia, U.S of, 


151 








Ecuador, 


76 


' 


Algeria (French), 


1,049 


Guiana (British), 


21 




Cape Colony, 


1,646 




Paraguay, . 


45 




Egypt, 


1,276 




Peru, . 


1,600 


6. Africa < 


Mauritius, 


66 




Uruguay, 


268 




Namaqualand, . 


95 




Venezuela, . 


102 




Natal (British), . 


116 








I 


Tunis, . 


258 


Total, 


South America, . 


11,708 




Total, . 


Africa, 


4,506 


' 


Austria-Hungary, 


14,301 










Belgium, 


2,711 


r 


N. South Wales, 


1,852 




Bulgaria, 


140 




New Zealand, 


1.591 




Denmark, 


1,208. 


7. Aus- ! 


Queensland, 


1,407 




Finland, 


1,132 


South Australia, 


1,211 




France, 


20,144 


TRALASIA. 


Tasmania, . 


257 


4.|Europe.< 


Germany, 


26,287 




Victoria, 


1,6S0 


Great Britain and 






West'n Australia, 


124 




Ireland, 


19,169 











Greece, 


324 


Total, . 


Australasia, 


8,122 




Italy, . 


6,167 










Luxemburg, 


249 




Hawaii, 


32 




Netherlands, 


1,407 








I 


Norway, 


972 


Grand T'l, 




317,698 



102 



MAVERICK NATIONAL BANK. 



Comparative Statistics of American Railways. 
1871-1886. 

[From Poor's Manual of the Railroads of the United States.] 





Miles 
Oper- 
ated. 


Capital 
and Funded 

Debt. 
(Stock and 

Bonds.) 


Eakiongs. 




1 


Gross. 


Net. 


From 
Freight. 


From Pas- 
sengers. 


Paid. 


1871, 


44,614 


2,664,627,645 


$ 

403,329,208 


$ 
141,746,404 


$ 
294,430,322 


$ 

108,898,886 


$ 
56,456,681 


1872, 


57,523 


3,159,423,057 


465,241,055 


165,754,373 


340,931,785 


132,309,270 


64,418,157 


1873, 


66,237 


3,784,543,034 


526,419,935 


183,810,562 


389,035,508 


137,384,427 


67,120,709 


1874, 


69,273 


4,221,763,594 


520,466,016 


189,570,958 


379,466,935 


140,999,081 


67,042,942 


1875, 


71,759 


4,415,631,630 


503,065,505 


185,506,438 


368,960,234 


139,105,271 


74,294,208 


1876, 


73,508 


4,468,591,935 


497,257,959 


186,452,752 


361,137,376 


136,120,583 


68,039,668 


1877, 


74,112 


4,568,597,248 


472,909,272 


170,976,697 


342,859,222 


130,050,050 


58,566,312 


1878, 


78,960 


4,589,948,793 


490,103,351 


187,575,167 


365,466,061 


124,637,290 


53,629,368 


1879, 


82,223 


4,762,506,010 


529,012,999 


219,916,724 


386,676,108 


142,336,191 


61,681,470 


1880, 


84,225 


4,897,401,997 


615,401,931 


255,193,436 


467,748,928 


147,653,003 


77,115,411 


1881, 


94,486 


6,055,798,785 


725,325,119 


276,654,119 


551,968,477 


173,356,642 


93,344,200 


1882, 


107,158 


6,745,579,147 


770,356,716 


310,682,877 


506,367,247 


202,140,775 


102,031,434 


1883, 


110,414 7,208,940,497 


823,772,924 


298,367,285 


549,756,695 


215,287,824 


102,052,543 


1884, 


115,672 7,431,732,458 


770,684,908 


268,064,496 


506,925,375 


208,300,940 


93,244,835 


1885, 


123,320 7,583,424,898 


772,568,833 


269,493,931 519,690,992 200,883,911 


77,672,105 



Summary Statistics of the United States Railways Jan. 1, 

1886 — Averages. 

For each 100 miles of railroad operated in the United States there are 21.03 
locomotives; 14.02 passenger cars; 5.30 baggage, mail, and express cars; and 
653 freight cars of all kinds. 

The capital stock aggregates to each mile of completed road, $29,867. 

Bonded debt to each mile of completed road, $29,453. 

Total cost of construction and equipment, each mile, $55,059. 

Gross earnings per mile of road in operation, $6,265. 

Net earnings per mile of road in operation, $2,185. 

Interest paid on bonds per mile of completed road, $1,406.73. 

Dividends paid on stock per mile of completed road, $608.10. 

Ratio of interest paid to total funded debt, 4.77 per cent. 

Ratio of dividends to aggregate capital stock, 2.02 per cent. 

Average fare per mile, 2.20 cents. 

Average freight charge per ton, 1.05 cents per mile. 

Total number of passengers transported in 1885, 351,427,088. 

Total freight transported on all railroads in 1885, 437,040,099 tons. 



MAVERICK NATIONAL BANK. 



103 



Statement showing the Number op Miles op Railroad 
constructed each year in the united states, from 
1830 to the close of 1886. 



YXAl. 


Miles 
in Oper- 
ation. 


Annual 
Increase 

of 
Mileage. 


Year. 


Miles 
in Oper- 
ation. 


Annual 
Increase 

of 
Mileage. 


Yea 


Miles 
b. in Oper- 
ation. 


Annual 
Increase 

of 
Mileage. 


1830, . 


23 


- 


1849, . 


7,365 


1,369 


1868 


. 42,229 


2,979 


1831, . 


95 


72 


1850, . 


9,021 


1,656 


1869 


. 46,844 


4,615 


1832, . 


229 


134 


1851, . 


10,982 


1,961 


1870 


. 52,914 


6,070 


1833, . 


380 


151 


1852, . 


12,908 


1,926 


1871 


. 60,293 


7,379 


1834, . 


633 


253 


1853, . 


15,360 


2,452 


1872 


. 66,171 


5,878 


1835, . 


1,098 


465 


1854, . 


16,720 


1,360 


1873 


. 70,268 


4,097 


1836, . 


1,273 


175 


1855, . 


18,374 


1,654 


1874 


. 72,385 


2,117 


1837, . 


1,497 


224 


1856, . 


22,016 


3,647 


1875 


. 74,096 


1,711 


1838, . 


1,913 


416 


1857, . 


24,503 


2,647 


1876 


. 76,808 


2,712 


1839, . 


2,802 


389 


1858, . 


26,868 


2,465 


1877 


. 79,088 


2,280 


1840, . 


2,818 


516 


1859, . 


28,789 


1,821 


1878 


. 81,717 


2,629 


1841, . 


3,535 


717 


1860, . 


30,635 


1,846 


1879 


. 86,463 


4,746 


1842, . 


4,026 


491 


1861, . 


31,286 


651 


1880 


. 93,349 


6,886 


1843, . 


4,185 


159 


1862, . 


32,120 


834 


1881 


. 103,145 


9,796 


1844, . 


4,377 


192 


1863, . 


33,170 


1,050 


1882 


. 114,713 


11,568 


1845, . 


4,633 


256 


1864, . 


33,908 


738 


1883 


. 121,454 


6,741 


1846, . 


4,930 


297 


1865, . 


35,085 


1,177 


1884 


. 125,379 


3,925 


1847, . 


5,598 


668 


1866, . 


36,801 


1,716 


1885 


. 128,510 


3,131 


1848, . 


5,996 


398 


1867, . 


39,260 


2,449 


1886 


. 137,158 


8,648 



The mileage of new railroads built in this country in 
1886 was 8,648 miles, as against 3,131 miles built in 1885. 
The construction of 1886 has only been exceeded by that 
of 1881 and 1882. The reports indicate that the con- 
struction of new roads during the year 1887 will amount 
to not less than 12,000 miles. 



104 



MAVERICK NATIONAL BANK. 



Speed of Railroad Trains. 

American. 





Miles. 


Time of 
Fastest Train. 


Average Speed, 
including Stops, 
Miles, per Hour. 


Boston to Albany, 


202 


6 hrs. 20 m. 


31.9* 


Boston to New York, .... 


217 


6 hrs. 


36.2 


New York to Albany, . 


143 


3 hrs. 20 m. 


42. 9t 


New York to Chicago (Penn.), 


912 


24 hrs. 


38. 


New York to Philadelphia, . 


90 


2 hrs. 5 m. 


43.3 


New York to Washington, . 


227 


5 hrs. 30 m. 


42.8 


Philadelphia to Chicago (Penn.), . 


822 


21 hrs. 40 m. 


37.8 



English. 



London to Sheffield (Great Northern), 


162 


3 hrs. 12 m. 


50.6 


London to Manchester (G-t. Northern), 


203 


4 hrs. 15 m. 


47.8 


London to Glasgow 


440 


10 hrs. 20 m. 


42.6 



* Heavy grades to surmount. 
f Practically level. 

Comparing American with English fast express trains, 14 trains by the Penn- 
sylvania Railroad have an average speed of 42.9 miles per hour, and 6 by the 
Bound Brook route, average 42^ miles. Between London and Manchester, 20 
expresses average a speed of nearly 41 miles per hour. Between Liverpool and 
Manchester there are 52 trains daily at a greater speed, — 32 by the Manchester, 
Sheffield, and Lincoln Railway, 4 averaging 51| miles, 28 averaging 45| miles, 
and 20 by the London and Northwestern, averaging 45 miles per hour. 



Fastest Railroad Time made. 

West Philadelphia to Jersey City, 1 mile in 50£ seconds, 
3 miles in 2 minutes 36£ seconds, 5 miles in 4 minutes 
50 seconds, Sept. 4, 1879 = 81 miles per hour. 

Hamburg to Buffalo, N. Y., 10 miles in 8 minutes = 
75 miles per hour; Peekskill to Sing Sing, N. Y., 10 
miles in 9 minutes, Feb. 17, 1874. 



MAVERICK NATIONAL BANK. 105 

Locomotive " Hamilton Davis" and six cars on New 
York Central Railroad, 14 miles in 11 minutes, 1855 = 76 
miles per hour. 

Special train conveying newspaper correspondents, 44 
miles in 43 minutes and 30 seconds, the last 16J miles in 
14 minutes, June 10, 1884, from Washington Junction to 
Washington, D. C. = 71 miles per hour. 

Jersey City to San Francisco, Cal., in 88 hours 39 
minutes 16 seconds, combination passenger, mail, and 
baggage car, and a Pullman hotel car, June 1 to 4, 1876, 
3,176 miles = 38 miles per hour average. 

Railroad Credits — What Railroad Bonds pay 
Investors. 

The following table is made by first obtaining the net 
rate of income, from the average market price of the last 
six months, if the bonds are held until the date of pay- 
ment. The average of different issues of bonds of the 
same company is next obtained, giving weight to each in 
proportion to the amount issued. The credit ratings will, 
of course, vary with the market fluctuations. 

Boston and Albany, . 3.63 per cent. 

Boston and Maine, 3.63 " 

Boston and Providence 3.63 " 

Old Colony, 3.63 " 

Boston and Lowell, . . 3.88 " 

Eastern, . 3.88 " 

Eitehburg, 3.88 " 

Nashua and Lowell, , 3.88 " 

New York Central and Hudson River, .... 4.13 " 

Chicago and Alton, 4.15 " 

Chicago, Burlington, and Quiney, 4.24 " 

Highland (Street), 4.25 " 

Metropolitan (Street), 4.25 " 

Maine Central, 4.30 " 

Pennsylvania, 4.36 " 

St. Paul and Duluth, 4.45 " 

Baltimore and Ohio, . 4.50 " 

Lynn and Boston (Street), 4.50 " 



106 



MAVERICK NATIONAL BANK. 



Michigan Central, 4.51 per 

Milwaukee and St Paul, 4.61 

Middlesex (Street), . . . . . . . . 4.62 

Lake Shore and Michigan Southern 4.67 

Central Pacific, 4.73 

Manhattan Elevated (Met. and N. Y. El.), . . . 4.84 

New York and New England 4.88 

Erie 4.90 

Missouri Pacific, 4.91 

Atchison, Topeka, and Santa Fe, .....' 5.01 

Oregon Navigation, - 5.10 

Union Pacific system, 5.11 

Atchison system, 5.13 

Southern Pacific, 5.14 

St. Louis, Cable, and Western, 5.15 

St. Louis and San Francisco, 5.15 

Denver and Rio Grande 5.20 

Northern Pacific, ........ 5.23 

Richmond and West Point Terminal system, . . 5 24 

Norfolk and Western, 5.35 

Rutland 5.40 

Wisconsin Central, 5 45 

Kansas City, Fort Scott, and Gulf, 5.50 

Mexican Central, 7.38 

Wabash system, 8.09 



Credit of Railroad Companies in Different Locali- 
ties or Groups of States. 

Approximate Higliest Credit, shown by Lowest Rate of Net Income Yearly 
from their Bonds. 



1. New England, 

2. Middle, . 

3. Central Northern, 

4. Northwestern, 

5. South Atlantic, 

6. Southwestern, 



4.00 per cent. 

4.50 

4.59 

4.79 

5.03 

5.16 



Pacific, 5.17 

Gulf and Mississippi Valley 5.25 



MAVERICK NATIONAL BANK. 



107 



Urban Railways of the World. 

underground, elevated, surface, cable, and house 
railway systems. 

Table showing the Passenger Transportation Facilities of Principal Cities. 





1 




a 


6 

s 

o 








a 








•^3 


w 


& 0-2 * 


Principal Means 


Quickest 


p. 




02 






<v 


«S«a 


of Transit. 


Means. 






N 


u 

US 


3 

n< 

o 


p. 

6 


rest 
lati 

and 
esti 






03 




CO 


i* 


Ph 


'A 


P* 






1* 


London, 


122 


1885 


4,120,000 


8 


4,250,000 


Underground R'y, 
BusseSjHansoms 


Met. Un- 
derground 


1863 


Berlin, 


25 


1885 


1,315,297 


50 


1,400,000 


Ilorse R'ys and 
El Viaduct. 


El. Viaduct, 


1882 


Vienna, 


_ 


1880 


775,000 


45 


945,000 


Horse R'ys, 


Horse R'ys, 


_ 


Paris, . 


30 


1881 


2,269,000 


32 


2,500,000 


Horse R'ys and 
Omnibuses. 


Ilorse R'ys, 


- 


New York, 


25 


1881 


1,243,000 


13* 


] 


f Horse R'ys and 


Man. El., . 


1872 


Brooklyn, . 


_ 


1S80 


566,663 




12,250,000 


1 El. R.R's. 
j Horse R'ys and 
I El R R's. 


Brooklyn 


1875 












J 


El. " 




Philadelphia, 


- 


1880 


847,170 


- 


1,000,000 


Horse R'ys, 


Ilorse R'ys, 


- 


Boston, 


27 


1885 


390,393 


8* 


600,000 


Horse R.R's, 


EIorseR'ya, 


- 


Providence, 


_ 


1S85 


118,070 




125,000 


Horse R'ys, 


Horse R'ys, 


_ 


Chicago, 


- 


1880 


503,185 


- 


600,000 


Cable and Horse 

R'ys, 
Cable R'ys, 


Cable R'ys, 


1882 


S.Francisco, 


- 


1880 


233,959 


- 


- 


Cable R'ys, 


1881 



Growth of Cities. 



New York, 1870 to 1880, . 






Population increased 


23>£ per 


New York (including Jersey City and 




Brooklyn), 1870 to 1880, ... " 


33> 4 ' 


Brooklyn, 1870 to 1880, . 






« 


43 


Philadelphia, 1870 to 1880, 






" 


25K 


Chicago, 1860 to 1870, . 






" 


167 


Chicago, 1870 to 1880, 






. 


68 


Boston, 1870 to 1880, 






" " 


45* 


Baltimore, 1870 to 1880, . 






,« 


24 


San Francisco, 1870 to 1880, 






.< 


57 


Kansas City, 1870 to 1880, 






« H 


73 


Average of U. S., 1870 to 1880, 




«• « 


30 


* 


Larg 


ely b 


y annexation. 





After reaching a population of 500,000, the percentage 
of increase of population of cities decreases. 



108 



MAVERICK NATIONAL BANK. 



London Underground Traffic. 



Number of 
Passengers. 



Gross Receipts 

for Passengers, 

Goods, Minerals, 

and Tolls. 



1864, 
1865, 
1866, 
1867, 

1868, 



1870, 
1871, 
1872, 
1873, 
1874, 
1875, 
1876, 
1877, 
1878, 
1879, 
1880, 
1881, 
1882, 
1883, 
1884, 
1885, 
1886, 



9,455,175 
11,721,889 
15,763,907 
21,273,104 
23,405,282 
27,708,011 
36,893,791 
39,160,849 
42,765,427 
44,392,440 
43,533,973 
44,118,225 
48,302,324 
52,586,395 
56,175,753 
58,807,038 
60,747,553 
63,759,573 
67,621,670 
69,357,183 
74,204,301 
75,926,262 
77,170,601 
80,474,550 



£101,707 
116,489 
141,513 
210,242 
233,180 
284,243 
374,083 
385,3721 
396,068* 
401,390 
408,382 
411,550 
448,3643 
475,792* 
490,828 
494,873 
506,2045 
526,2133 
551,776 
556,999^ 
603,7688 
603,751 9 
59I.981 10 
616,269 



Total, 



1,145,325,276 



£9,931,037 



1 District Railway opened to Blackfriars Bridge, . . May, 1870. 

2 District Railway opened to Mansion House, . . . July 3, 1871. 

3 Extension to Bishopsgate opened July 12, 1875. 

4 Extension to Aldgate opened Nov. 18, 1876. 

« Extension SwisB Cottage to West Hampstead opened, . June 30, 1879. 

And from West Hampstead to Willesden, . . . Nov. 24, 1879. 

6 Extension to Harrow opened, Aug. 2, 1880. 

i Extension from Aldgate to Trinity Square opened, . . Sept. 25, 1882. 
» St John's Wood Railway, receipts included as from . Jan. 1, 1883. 

9 Inner Circle completion and extension to East London 

Railway opened, Oct. 6, 1884. 

10 Extension from Harrow to Pinner opened May 25, 1885. 



MAVERICK NATIONAL BANK. 



109 



New York City Passenger Traffic as related to 
Growth of Population. 













No. 


Year. 


Population. 


of Kail- 
ways. 




Passenger 
Traffic. 


of Rides 
per Inhab- 
itant. 


1850, 


515,547 


2 


1853 


6,835,548 


_ 








1854 


6,817,197 


- 


1855 


629,810 


4 


1855 


18,488,459 


31 








1856 


23,153,050 


- 








1857 


22,190,431 


37 








1858 


27,900,388 


- 








1859 


32,888,794 


43 


1860, 


813,669 


6 


1860 


36,455,242 


47 








1861 


26,274,360 


- 








1862 


35,878,044 


- 








1863 


40,412,357 


- 








1864 


60,900,200 


61 


1865, 


726,386 


12 


1865 


82,054,516 


83 








1866 


88,953,016 


93 








1867 


100,541,562 


112 








1868 


105,816,695 


- 








1869 


114,349,123 


- 


1870, . . . 


942,292 


12 


1870 


115,139,553 


- 








1871 


133,893,981 


- 








1872 


143,696,989 


124 








1873 


145,358,805 


- 








1874 


151,927,233 


- 


1875, 


1,045,223 


19 


1875 


166,918,173 


- 








1876 


168,413,971 


- 








1877 


163,936,298 


133 








1878 


170,189,502 


- 








1879 


187,983,792 


- 


1880, ..... 


1,206,299 


23 


1880 


211,222,348 


175 








1881 


231,386,771 


186 








1882 


252,871,646 


198 








1883 


268,749,877 


204 








1884 


284,115,862 


220 


1885, 


- 


25 


1885 


297,116,690 


213 








1886 


325,149,075 


232 



New York City Passenger Travel. 





Number Passengers. 


Per 

Cent, by 
each. 


Increase. 


Per 
Cent. 




1884-85. 


1885-86. 


EleTated lines, 
Surface lines, 


103,702,729 
191,319,523 


115,109,591 
210,039,484 


35.4 
64.6 


11,406,862 
18,712,961 


11.0 

9.8 


Total, 


295,022,252 


325,149,075 


100.0 


30,119,823 


10.2 



110 



MAVERICK NATIONAL BANK. 



The total increase for the year ending Sept. 30, 1886, 
was 30,120,819, or 10.2 per cent., and the total move- 
ment, 890,800 passengers transported daily. 

The following table shows the effect of increasing the 
facilities of travel upon the valuation of the city. Be- 
tween 1876 and 1879 the elevated roads were scarcely 
started ; between 1881 and 1884 the elevated roads had 
then full effect. 



Year. 


Valuation. 


Increase. 


PerCent. 


1876, 


$892,428,165 


- 


- 


1879, . . 


918,134,380 


$25,706,215 


2.8 


1881 


976,735,199 


- 


- 


1884, 


1,119,761,597 


143,026,398 


14.0 



Fifteen East River ferry lines and 11 North River 
ferry lines carry 80,000,000 passengers annually. 

The passenger traffic in and out of New York by rail- 
ways and steamers is about 200,000,000 annually. 

To provide increased facilities, an arcade railroad of 
four tracks, to be built through and under Broadway, is 
projected. The cost of six miles, extending from the Bat- 
tery under Broadway to Central Park, is estimated at 
$18,000,000, or $3,000,000 per mile, including equipment 
of $300,000 per mile. The two middle tracks are de- 
signed for rapid transit, and the two outer for local 
traffic, all tracks connecting with the steam surface rail- 
roads leaving New York. 



MAVERICK NATIONAL BANK. 



Ill 



Elevated Railroads. 



New York. 



Brooklyn.* 



Number of lines, 

Length of line (miles) 

Length of track (miles), .... 

Number of engines, 

Number of cars, 

Passengers carried annually, 

Number of rides per inhabitant, 

Cost of roads (exclusive of equipment), . 

Funded debt 

Capital stock outstanding, .... 

Earnings, amount, 

Earnings, per mile of line, .... 

Expenses, amount, 

Expenses, percentage to gross earnings, . 

Net earnings, 

Interest 

Dividends, . . . . 

Rate of dividend, per cent , ... 



1886. 

4 

32 

84 

266 

770 

115,109,591 

92.6 

$24,318,000 

24,367,645 

7,352,982 

233,132 

3,850,812 

52.38 

$3,502,170 

1,511,983 

1,560,000 

6 



1886. 

1 

7 
13 

30 

90 

10,158,665 

17.9 

$9,689,195 

4,750,000 

5,000,000 

518,481 

76,812 

379,372 

73.17 

$139,108 



* New road in process of building. 

Brooklyn Bridge Traffic. 



Ykab (ending Dec. 1). 


No. of Passengers. 


Receipts (Tolls). 


Cable 
Railroad. 


Total. 


Railroad. 


Total. 


1885 

1886, 

Total since bridge was opened, 
May 25, 1883, .... 


17,023,237 
24,029,267 


20,625,326 
27,047,984 


$537,435 
661,362 


$618,915 
743,539 


50,626,190 


65,427,896 


$1,679,404 


$2,035,220 



The total cost of the bridge was $14,200,000. 



112 MAVERICK NATIONAL BANK. 

Cable Roads. 
Cable roads have an advantage over all other systems 
of transit, in ease and economy of operation «pon heavy 
grades. The following are the maximum grades on the 
several cable railroads in the United States : — 



Clay Street, San Francisco, . 
California Street, San Francisco, 
Suter Street, San Francisco, 
Geary Street, San Francisco, 
State Street, Chicago, . 
Ninth Street, Kansas City, . 



18 in 100. 
18 in 100. 

8.7 in 100. 

9.8 in 100. 
About level 
18.3 in 100. 



The cable system of traction was first used in San 
Francisco, lines being constructed by Mr. A. S. Hallidie 
up the Clay Street hill in 1881. 

Chicago, out of 57 miles of street railway track, has 
10£ miles of double track, or 20£ miles running upon the 
cable system, employing 240 cars and dummies. 

At Kansas City, 3.3 miles of double-track line have been 
in operation since July 1, 1885. The maximum grade is 
19 feet in 100. The maximum grade for horses is 7 feet 
in 100. The total cost, including equipment, is $750,000, 
or $227,273 per mile of line. In 1886 this line carried 
5,626,945 passengers; receipts, $281,347; expenses, 
$137,643. 



MAVERICK NATIONAL BANK. 



113 






CO 








I- 


$16,288,665 
5,111,820 
3,599,500 
3,257,442 


m 
1 « 

«m c a, 

« c 

o h 


$32,370,199 

13,814,838 

10,018,860 

6,923,817 

1,127,268 


Number 

Rides 

per 

Inhabitant. 


169.0 
177.8 
104.6 
221.0 
111.3 


Passengers 

carried 
Annually. 


210,039,484t 

100,630,621 

101,979,656 

86,246,780 

13,360,377 


o 

M 
63 
« 


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S3 

o 


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7,724 
7,872 
1,235 


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CHAPTER X 



FOREIGN EXCHANGE AND COMMERCE. 



Sterling Exchange : Its Origin, and Intrinsic and Commercial Basis. — Parity of 
Exchange and the Gold Shipping Points. — Highest and Lowest Quotations 
and Review of the Alarket for Ten Years. 

Imports, Exports and Balance of Trade, 1S61-1S87. 

Shipbuilding, Tonnage, and Carrying Trade of the United States, 1SS2-1887. — 
Remarks on American Shipping and Early Steam Vessels. — The Principal 
Ocean Steamers. — Rapid Transatlantic Passages. — Distances by Water 
from New York to Principal Ports of the World. — Amount of Coal con- 
sumed by Ocean Steamers. — Designating Marks of Transatlantic Lines. 

Sterling Exchange. 
A bill of exchange may be briefly defined as an order 
authorizing the transfer of money from a debtor to a 
creditor in a distant city or country. Such papers were 
in use to some extent among the Greeks and Romans 
long before the Christian era. The modern bills of 
exchange are said to have originated at the great public 
fairs held in Italy during the twelfth and thirteenth 
centuries, which rose to importance on account of the 
travel caused by the Crusades. At first bills were 
drawn only from one fair to another, but as commerce 
expanded they became common in all international 
dealings. Sicilian merchants drew on English debtors in 
1255. The oldest copy of a bill extant is dated Milan, 
March 9, 1325, and is substantially in the modern form. 
In England, reference was made to drawing of foreign 



MAVERICK NATIONAL BANK. 119 

bills in a statute of 1381 ; and in 1394 the magistrates 
of Barcelona, Spain, enacted that bills should be accepted 
within twenty-four hours after presentation, which shows 
that they formed part of the ordinary routine of business. 

The basis of exchange, of course, is a comparison of 
the intrinsic value of the coinage of two countries, and 
its reduction to a common standard in currency. In the 
early history of the United States, the pound sterling was 
valued at $4 44^, based on the bullion standard of the 
theu current Spanish dollar, which was worth almost 
exactly 4s. Gd. English. From 1792 to 1834, our gold 
coinage was of the same standard as the pound sterling, 
or 22 carats ; making the dollar, at its legal weight of 27 
grains, worth 97£ cents, and the pound sterling about 
$4.56^-. In 1834, our bullion standard was so reduced 
that the dollar was intrinsically worth only 91£ cents, 
and the pound sterling about $4.87. The custom-house 
valuation of the sovereign, however, was then fixed at 
$4.84, and so remained until Jan. 1, 1874, when it was 
iixed by act of Congress at $4.86^^-, *- ne current standard. 
The London Stock Exchange, early in the same year, 
valued the dollar at 4s., or about 97-J cents. This valu- 
ation, being 2| cents below par, equals a quotable pre- 
mium of 2f per cent. ; for instance, American securities 
worth par are quoted in London at 102J. 

Sterling exchange is said to be at par when trade 
between the United States and England is so nearly 
balanced that there is no special demand for bills on 
either side, and the rate for sight bills is within a fraction 
of $4.86^5". The rate is lowered in London if the 
balance turns in favor of England, and correspondingly 
increased in New York. The fluctuations are further 
affected by the supply of bills in either market, or by 
daily transactions in American securities on the London 
Exchange. 



120 MAVERICK NATIONAL BANK. 

While 4.8665 is the parity or par of exchange, and the 
total cost of importing or exporting gold does not as a 
rule exceed two cents per pound, the export point is 
usually considered 4.88£ (sight bills), and the import 
point 483 (sight bills). The reason that the export 
point is so much nearer the parity of exchange lies in the 
interest question. The expense of ten days' interest at 
the Bank of England rate and of ten days at the Ameri- 
can rate must be added to the expense of gold importa- 
tions. All gold shipments must bear charges for freight, 
insurance, and abrasion by friction. 

The lower rate for time bills simply represents a dis- 
count to the debtor for the use of the money, as he pays 
cash for the 30, 60, or 90 day bill. 

The increasing use of cable transfers has materially 
reduced the volume of bills in some places during the 
past few years, as no paper appears in the transaction. 
An exporter simply ships his produce, telegraphs the fact 
to his London consignee, and if he chooses, sells the 
cargo at once " to arrive." The proceeds are remitted 
through a London banker. 

A kt banker's bill" is simply a bill drawn between one 
banking house and another, in two different countries. 
ik Commercial bills" are drawn and sold by the exporter 
on either side against shipments of merchandise. They 
are usually drawn at 30, 60, or 90 days' sight, and are 
bought by the banking houses against their own bills of 
exchange. A large supply of commercial bills naturally 
lowers the rate of exchange. 

The following table shows the highest and lowest quo- 
tations for sight and 60 day sterling bills for the ten 
years ending Jan. 1, 1887, and the imports and exports 
of specie during the same period : — 



MAVERICK NATIONAL BANK. 



121 





HlGHXST. 


Lowest. 


Imports, 


Exports, 














60 Day. 


Sight. 


60 Day. 


Sight. 


Specie. 


Specie. 


1877, . 


4.88 


4.90% 


4.80% 


4.84 


$40,774,414 


$43,134,738 


1878, 








4.88% 


4.90% 


4.78% 


4.84 


29,821,314 


27,054,985 


1879, 








4.88^ 


4.90 


4.80% 


4.83% 


20,293,000 


17,554,235 


1880, 








4.87 


4.90 


4.79 


4.81% 


93,034,310 


9,347,893 


1881, 








4.85 


4.87 


4.79 


4.81% 


110,575,497 


14,226,944 


1882, 








4.87% 


4.90% 


4.80 


4.84 


42,472,390 


43,480,271 


1883, 








4.86U 


4.90 


4.81 


4.83% 


28,489,391 


21,623,181 


1884, 








4.88% 


4.90% 


4.80 


4.84 


37,426,262 


50,225,635 


1885, 








4.88 


4.90 


4.81% 


4.85% 


43,242,323 


24,376,110 


1886, . 


4.88% 


4.90 


4.80 


4.84 


38,593,656 


51,924,117 



Review of the Exchange Market, 1877-1887. 
A brief review of the exchange market during the 
same period will illustrate the facts given above and 
explain the fluctuations. In 1877, exchange was steady 
during the early part of the year, but after the large 
crops began to come in and exports of produce became 
large, prices declined and ruled low throughout the year. 
But for the return of Un'ted States bonds from abroad 
more specie would have been imported. Heavy exports 
of produce influenced exchange during the whole of 1878. 
The homeward movement of governments continued for 
the first six months, causing a considerable demand for 
bills, which supported prices. For the balance of the 
year rates ruled lower. The return of bonds continued 
through the early part of 1879 ; rates were high, and 
groundless fears of large exports of specie were enter- 
tained. After July, exchange rates fell off to the 
importing point of specie, and held there until the end 
of the year. Early in 1880, heavy importations of 
foreign goods strengthened exchange, but after the first 
six months these declined, and rates fell below the specie 
importing point. Rates were unusually low at the 
opening of 1880, and after some fluctuation low prices 
ruled through the year. In 1882, much foreign merchan- 
dise was imported, and on the other hand there was a 
comparatively small surplus of the crop of 1881 for 



122 MAVERICK NATIONAL BANK. 

export, causing large shipments of gold abroad daring 
the first six months. During October, November, and 
December, however, cotton shipments restored the 
balance to this side, and moderate amounts of specie 
were imported. During the first half of 1883 imports 
fell off materially, while the exports showed a large 
increase as compared with the same time in 1882. In 
consequence, the balance in favor of this country was 
$100,000,000 larger than the previous year. After three 
months of strong rates for exchange, the usual July 
decline came, admitting of a moderate importation of 
gold. Early in 1884 exchange was very firm, owing 
to the return of American securities and to the small 
crops of 1883, which left but a small surplus for export 
after January 1. This situation resulted in exports of 
gold to the amount of $32,000,000 up to the end of 
April, but the movement was checked by the May 
panic. After July 1 , imports of goods fell off, and there 
was a better feeling on Americans abroad. There was 
also a heavy autumn movement of cotton. Rates 
declined sharply in June and July, and moderate imports 
of gold followed. In September and October they 
again reached the gold importing point, but the advance 
of the Bank of England rate to five per cent, checked 
the shipments, and the rates permitted of no more during 
the year. Earl} 7 in 1885 there was an investment demand 
'or bills by persons who wished to take advantage of the 
higher money market in London ; and soon afterward the 
prospect of war between England and Russia strengthened 
exchange. After several months of unimportant fluctua- 
tions the August decline set in, and small amounts of 
gold were imported. The autumn exports of grain and 
cotton were light ; but a demand for American securities 
kept exchange fairly steady. During December a sharp 
demand for short bills put up prices, and a small amount 
of gold was shipped abroad ; but the market immediately 






MAVEEICK NATIONAL BANK. 



123 



weakened. For the first six months of 1886 imports 
were large, the demand for American securities abroad 
was light, and the exports low in value ; so that 
exchange ruled high, and over $34,000,000 of specie 
were exported. But during the balance of the year 
grain and cotton exports were heavy, American stocks 
and bonds found a good market abroad, and there were 
large imports of specie. 



Foreign Commerce of the United States. 

[Fiscal yearB ending June 30, and Beven months of fiscal year 1887. 
000,000 omitted.] 
The phrases " net imports " and "domestic exports " indicate that all merchandise 
and specie imported and re-exported are excluded from the table. The column headed 
"Balance of Trade" shows the difference between the net imports and domestic 
exports of merchandise without reference to the movement of specie. A + mark before 
the amount indicates that the balance of trade was in favor of the United States; when 
no mark occurs, the balance of trade is against this country. 





Merchandise. 




gpjrriTiT 1 




Fiscal Yeabs. 


(Gold Value.) 


Balance 
of Trade. 






Specie 
Balance. 














Net 


Domestic 




Net 


Domestic 






Imports. 


Exports. 




Imports. 


Exports. 




1861, . 


$274 


$204 


$69 


$40 


$23 


+$16 


1862. 






178 


179 


+1 


10 


31 


20 


1863, 






225 


186 


39 


1 


55 


54 


1864, 






301 


143 


157 


8 


100 


92 


1865, 






209 


136 


72 


6 


64 


57 


1866, 






423 


337 


85 


7 


82 


75 


1867, 






381 


279 


101 


16 


54 


38 


1868, 






344 


269 


75 


4 


83 


79 


1869, 






406 


275 


131 


5 


42 


37 


1870, 






419 


376 


43 


12 


43 


31 


1871, 






505 


428 


77 


7 


84 


77 


1872, 






610 


428 


182 


6 


72 


66 


1873, 






624 


505 


119 


10 


73 


63 


1874, 






550 


569 


+18 


21 


59 


38 


1875, 






518 


499 


19 


12 


83 


71 


1876, 






445 


525 


+79 


9 


50 


40 


1877, 






438 


589 


+151 


27 


43 


15 


1878, 






422 


680 


+257 


23 


27 


3 


1879, 






433 


698 


+264 


12 


17 


4 


1880, 






656 


823 


+167 


85 


9 


« 


1881, 






624 


883 


+259 


105 


14 


1882, 






707 


733 


+25 


36 


43 


6 


1883, 






703 


804 


+100 


18 


21 


3 


1884, 






652 


724 


+72 


20 


50 


29 


1885, 






562 


726 


+164 


25 


24 


+1 


1886, 






621 


665 


+44 


18 


51 


33 


1887,* 






470 


505 


+35 


54 


33 


+21 



* Nine months ending March 31, 1887. 
Note. — The Canadian reports of imports into the Dominion of Canada from 
the United States indicate that in addition to the above "Domestic Exports" 
there was exported in the fiscal year 1886 merchandise of the value of $17,027,875. 



124 



MAVERICK NATIONAL BANK. 



Shipbuilding, Tonnage, and Carrying Trade op the 
United States for Five Years. 





1886. 


1885. 


1884. 


1883. 


1883. 


Number of sea-going 
vessels, 


6,102 


6,284 


_ 


6,214 


_ 


Tonnage, 


2,060,258 


2,138,880 


- 


2,099,218 


- 


Vessels built, . 


715 


920 


1,190 


1,268 


1,371 


Tonnage, 


95,453 


159,056 


225,314 


265,429 


282,269 


Tonnage registered for 
foreign trade, . 


1,088,647 


1,262,814 


1,276,972 


1,269,681 


1,259,492 


Percentage of American 
foreign trade carried 
in American vessels, 


16. 


17. 


17.5 


16.3 


15.9 


Total vessels of the U. S., 
Total tonnage, 


23,534 
4,131,136 


4,265,934 


4,271,229 


- 


» 



Iron and Steel Shipbuilding. 



Number of sailing vessels, 


3 


1 


3 


1 


- 


Gross tonnage, 


692 


731 


4,432 


2,033 


- 


Number of steamers, 


23 


47 


31 


34 


43 


Gross tonnage, 


14,215 


43,297 


31,200 


37,613 


40,097 


Total number, . 


26 


48 


34 


35 


43 


Total tonnage, 


14,907 


44,028 


35,632 


39,646 


40,097 



Shipping Admeasurement. 

Register ton. For register tonnage or for measurement of the entire internal 
capacity of a vessel : 

100 cubic feet = 1 register ton. 
This number is arbitrarily assumed to facilitate computation. 
Shipping ton. For the measurement of cargo : 

/ 1 United States shipping ton. 
40 cubic feet= ] 31.16 imported bushels. 

' 32.143 United States bushels. 
r 1 British shipping ton. 
42 cubic feet = \ 32.719 imported bushels. 

' 33.75 United States bushels. 



MAVERICK NATIONAL BANK. 125 

Early Steam Vessels. 

The United States is the second maritime nation. Our 
commercial fleet is about one-half that of Great Britain, 
but greater than those of France, Germany, Norway, and 
Italy combined. It has four times the carrying capacity 
of France and Germany respectively. American vessels 
had nearly twenty per cent, of the world's carrying trade 
in 1880 ; France and Germany about five per cent. each. 

The first commercially successful steamboat was Robert 
Fulton's Clermont, launched in 1807 on the Hudson 
River. The first on the Mississippi, the Orleans, was 
built by Fulton in 1811. In 1812, Henry Bell of Scotland 
built the first British steamer, the Comet (30 tons) , which 
plied between Greenock and Glasgow. In 1819 the 
Savannah (310 tons) crossed the Atlantic from America, 
and returned after a long cruise in the Baltic. 

The first British steamer to cross the Atlantic was the 
Great Western (1,340 tons), in 1838. The Sirius, a few 
weeks later, made the passage in eighteen days, probably 
being detained by rough weather. Two years later the 
Cunard Line was established. 



126 



MAVEEICK NATIONAL BANK. 



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MAVERICK NATIONAL BANK. 



127 



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128 



MAVERICK NATIONAL BANK, 



Kapid Transatlantic Passages. 





Steamer. 


From — 


To — 


Time. 




Date. 




1 

c 


1 


Line. 










Q 


3 




Aug.- { 
Sept., '86, \ 


Aller, 


Southampt'n, 


New York, . 


7 


13 


■30 


No. German 


Aug., '86, 


Trave, 


New York, . 


Southampt'n, 


7 


14 


25 


No. German. 


June, '86, 


La Bourgogne, 


Havre, . 


New York, . 


7 


13 


— 


French. 


Aug., '86, 


La Champagne, 


New York, . 


Havre, . 


7 


12 


- 


French. 


'83, 


Alaska, . 


Queenstown, 


New York, . 


6 


21 


45 


Guion. 


'83, 


Alaska, . 


New York, . 


Queenstown, 


6 


21 


_ 


Guion. 


Aug., '85, 


City of Rome, . 


Queenstown, 


New York, . 


6 


18 


- 


Anchor. 


Oct., '84, 


Alaska, . 


New York, . 


Queenstown, 


6 


16 


38 


Guion. 


June, '84, 


America, . 


New York, . 


Queenstown, 


G 


13 


4 


National- 


July, '85, 


Etruria, . 


Queenstown, 


New York, . 


6 


9 


- 


Cunard. 


'85, 


Etruria, . 


Queenstown, 


New York, . 


6 


5 


44 


Cunard. 


Aug. '85, 


Etruria, . 


New York, . 


Queenstown, 


6 


5 


30 


Cunard. 


May, '87, 


Umbria, . 


New York, . 


Queenstown, 


6 


5 


30 


Cunard. 


June, '87, 


Umbria, . 


Queenstown, 


New York, . 


6 


4 


12 


Cunard. 



Average Amount and Cost of Coal Burned by Ocean 
Steamships, and Average Speed. 

The larger and swifter ocean-going steamships often 
exceed a daily expense of $2,000 for coal alone, as may 
be seen by the following table : — 



Name. 


Line. 


Coal 

Consumed 

per Day, 

Tons. 


Average 

Knots per 

Hour. 


Cost of 
Coal per 
Voyage. 


Oregon (lost), 


Cunard, 


337 


17 9-10 


$18,872 


City of Rome, 






Anchor, 


304 


16 


17,024 


Etruria, . 






Cunard, 


300 


18 


17,000 


Umbria, . 








Cunard, 


300 


18 1-10 


17,000 


Alaska, . 








Guion, 


253 


16 8-10 


15,168 


Servia, . 








Cunard, 


214 


16 5-10 


11,956 


Aurania, . 








Cunard, 


214 


16 7-10 


11,056 


America, 








N ational, . 


182 


17 3-10 


10,192 


Austral, . 








Anchor, 


115 


16 3-10 


6,440 


Britannia (1st steamer, 1840), 


Cunard, 


44 


8 


- 



The round trip expenses run from $40,000 to $70,000 



MAVERICK NATIONAL BANK. 



129 



Designating Marks of Ocean Steamship Lines. 



Lines. 


Funnel Marks. 


American, 


Lower two-thirds red, with white keystone, black top. 


Anchor, . 


Black. 


Allan, . 


Red with white ring under black top. 


Cunard, . 


Red with black top. 


French, . 


Red with black top. 


Furnesa, . 


Black. 


Guion, . 


Lower two-thirds black, a red band and black top. 


Leylaud, 


Pink with black top. Funnel curved at the top. 


Hansa, . 


Yellow with white band and white Maltese cross with red 




centre. 


Hamburg, 


Black. 


Inman, . 


Lower two-thirds black, white band and black top. 


Monarch, 


French-gray and black top. 


National, 


White with black top. 


N. German Lloyd, 


Black. 


Red Star, 


Cream color, with black top with red star. 


Royal Netherlands, 


Black, with band having green border. 


State, 


Lower two-thirds buff, red band under black top. 


White Star, . 


Cream, black top. 


Warren, . 


Black. 



Distances by Water from New York to Foreign 
Ports. 



Port. 



Country. 



Miles. 



Alexandria, 

Amsterdam, 

Bermudas, . 

Bombay, 

Bordeaux, . 

Brussels, 

Cape of Good Hope, 

Cape Horn, . 

Constantinople, . 

Copenhagen, 

Calcutta, 

Canton, 

Gibraltar, . 

Glasgow, . 

Halifax, 

Havana, 

Lima, . 

Lisbon, 

London, 

Liverpool, . 

Madras, 

Naples, 

Pekin, . 

Pernambuco, 

St. John, . 

St. Petersburg, . 

Honolulu, . 

San Francisco, . 

Shanghai, . 

Stockholm, . 

Valparaiso, . 

Vera Cruz, . 

Vienna, 

Yokohama, . 



Egypt, . 
Holland, 
West Indies, 
India, . 
France, 
Belgium, 
Africa, . 
South America 
Turkey, 
Denmark, . 
India, . 
China, . 
Spain, . 
Scotland, 
Nova Scotia, 
Cuba, . 
Peru, . 
Portugal, 
England, 
England, 
British India, 
Italy, . 
China, 
Brazil, . 
Newfoundland, 
Russia, . 

Sandwich Islands 
California, . 
China, . 
Sweden, 
Chili, . 
Mexico, 
Austria, 
Japan, . 



5,095 

3,530 

680 

11,555 
3,334 
3,418 
6,840 
7,000 
5,154 
3,650 

12,510 

14,105 

3,290 

2,934 

563 

1,275 

11,312 
3,184 
3,376 
3,080 

11,840 
4,327 

15,325 

4,926 

785 

4,431 

7,150 

18,843 

14,510 
4,075 
4,813 
2,185 
4,195 
7,523 



CHAPTER XI. 



LAND AND AGRICULTURE. 



Acquisitions and Total Area of the Territory of the United States. — Areas of 
the States in Square Miles. 

Grants of Public Lands by Congress to States and Railroads. 

Farms of the United States. — Total Acreage, Improved and Unimproved. 

Immigration. — Total Arrivals, 1S20 to 1S37. — Arrivals by Countries. — Pro- 
portion 01 Total European Emigrants received by United States. 

Agricultural Products. — Total Production of Staples for Five Tears. — High- 
est and Lowest Chicago Wheat and Corn Prices, 1S77-S7. — "Wheat Crops 
of the World. 

Cotton. — Total United States Crops. — Exports and Consumption, 1841-87. — 
Cotton Prices, 1S26 to 1887, by Years. — Consumption of the World. — 
Manufacture in the United States. 

Wool. — Product of the United States, 1882-86. 



Ape a of the United States. 
The territory of the United States was acquired by 
cession, purchase or discovery as shown in the following 
table, which also gives amounts paid for, and several and 
total areas of, the successive additions : — 



From. 


How Acquired. 


Date of 

Acquisition. 


Amount 
Paid. 


Area 
Square 
Miles. 


1. Great Britain, 

2. France, . 

3. Oregon, . 

4. Spain, 

5. Texas, . 

6. Great Britain 

(Wash. Ty.), 

7. Mexico, . 

8. Mexico, . 

9. Russia, . 


Cession, 

Cession and purchase, 
Discovery, . 
Cession and purchase, 
Cession and purchase, 

Cession, 

Cession and purchase, 
Cession and purchase, 
Cession and purchase, 


Sept. 3, 1783, 

Apr. 30, 1803, 

1805, 

Feb. 22, 1819, 

Mar. 2, 1S45, 

1846, 
Feb. 2, 1843, 
Dec. 30, 1853, 
Mar. 30, 1867, 


$15,000,000 

6,500,000 
10,000,000 

15,000,000 

10,000,000 

7,200,000 


819.815 
877,263 
222,943 
54,240 
262,290 

58.88C 
614,439 

47,330 
531,409 


Total area, 




• • ■ 


3,488,620 


Another estim 


ate makes the total area 






3,501,409 



MAVERICK NATIONAL BANK. 



131 



The amount paid to Texas was in consideration of her 
cession to the United States of territory not included in 
her present limits. Payment was in bonds, which were 
applied to the liquidation of her public debt. 



Areas of the States and Territories in Square 
Miles, 1880. 



State ok Territory. 


Square 

Miles. 


State or Territory. 


Square 

Miles. 


Alabama 


51,540 


Missouri, . 


68,735 


Alaska, 
Arizona, 
Arkansas, . 
California, . 




531,409 

112,920 

53,045 

155,980 


Montana, 
Nebraska, . 
Nevada, 
New Hampshire 






145,310 

76,185 

109,740 

9,005 


Colorado, . 




103,645 


New Jersey, 






7,455 


Connecticut, 




4,845 


New Mexico, 






122,460 


Dakota, 




147,700 


New York, . 






47,620 


Delaware, . 




1,960 


North Carolina, 






48,580 


District of Columbia 




60 


Ohio, . 






40,760 


Florida, 




54,240 


Oregon, 






94,560 


Georgia, 




58,980 


Pennsylvania, 






44,985 


Idabo, . 




84,290 


Rhode Island, 






1,085 


Illinois, 




56,000 


South Carolina, 






30,170 


Indiana, 




35,910 


Tennessee, . 






41,750 


Indian Territory, etc 


, 


69,830 


Texas, . 






262,290 


Iowa, . 




55,475 


Utah, . 






82,190 


Kansas, 




81,700 


Vermont, . 






9,135 


Kentucky, . 




4u,000 


Virginia, 






40,125 


Louisiana, . 




45,420 


Washington, 






66,880 


Maine, . 




29,895 


West Virginia, 






24,645 


Maryland, . 




9,860 


Wisconsin, . 






54,450 


Massachusetts, . 




8,040 


Wyoming, . 






97,575 


Michigan, . 




57,430 








Minnesota, . 

Mississippi, 




79,205 
46,340 


Total, . 


3,501,409 






Congressional Land Grants to States to June 
30, 1886. 



State. 


Estimated 
Acres. 


State. 


Estimated 
Acres. 


Alabama, . 
Arkansas, 
California, 
Florida, . 
Illinois, 
Iowa, 
Kansas, . 
Louisiana, 








3,729,120 
3,940,272 
3,400,000 
2,360,114 
2,595,053 
6,795,527 
9,370,000 
1,578,720 


Michigan, .... 

Minnesota, 

Missouri, .... 

Mississippi, 

Wisconsin, 

Total, 


4,712,480 
9,992,041 
2,985,160 
2,062,240 
4,808,486 


58,329,213 



132 



MAVEEICK NATIONAL BANK. 



Congressional Land Grants to Railroad Corporations 
to June 30, 1886. 



CORPORATIONS. 


Estimated 
Acres. 


Corporations. 


Estimated 
Acres. 


Central Pacific Railroad, 

Central Pacific, Oregon 
Branch, 

Burlington & Missouri 
River 

Denver Pacific, 

Kansas Pacific, 


9,100,000 

3,000,000 

2,441,600 

1,000,400 

6,000,000 

12,000,000 

47,000,000 


Sioux City & Pacific, 

Atlantic & Pacific, . 

Southern Pacific, . 

Union Pacific, Central 
Branch, 

Texas & Pacific, 
Total railroads, 


60,000 
25,000,000 
11,930,000 

245,166 
27,520,000 


Union Pacific, . 
Northern Pacific, . 


145,297,166 



Total grants to States and railroads, to June 30, 1886. 
203,626,379 acres. 

Disposals of Public Lands for Two Years ending 
June 30, 1886. 



1885. 



1886. 



Cash entries, ...... 

Homestead entries, 

Timber-culture entries, .... 
Agricultural college scrip locations, . 
Locations with military bounty land-warrants 

Total scrip locations, 

Donation entries, 

State selections (school, swamp, and internal 

provement), 

Lands selected under railroad grants, 

Indian lands, sales of, 

Entries under Settler's Relief Act, etc., . 

Wagon-road selections 

Private land-claim selections, . 

Indian homestead entries, .... 

Total number of acres disposed of for the 
cal year 

Moneys received during the fiscal year, 



3,912,450.49 

7,415,885.53 

4,755,005.57 

961.83 

26,833.18 

9,181.10 

2,200.76 



3,558,914.10 

881,850.21 

1,286.43 

128,066.94 

7,944.37 

3,637.77 



3,773,498.03 

9,145,135.76 

5,391,309.38 

159.18 

28,016.05 

1,753.84 

318,613.70 
2,311,537.30 
1,132,596.74 

440.00 

1,319.92 

712.00 



20,995,515.59 
$8,628,420.18 



22,124,563.92 
$9,031,084.34 



MAVERICK NATIONAL BANK. 



133 



Farm Statistics. 

The following table shows the total acreage in farms, 
improved, land, etc., 1850 to 1880 : — 





18.10. 


ISfiO. 


1870. 


1880. 


Total acres in farm, 
Acres improved, . 
Number of farms, . 
Average size of farms, . 


293,560,614 

113,032,614 

1,449,073 

203 


407,212,538 

163,110,720 

2,044,077 

199 


407,735,041 

188,921,099 

2,659,985 

153 


539,309,179 

284,771,042 

4,008,907 

134 



Immigration. 
The following tables show the total immigrant arrival 
in the United States, by years and by countries, 1820 to 

1886: — 

Arrivals by Years. 



Yeak. 


Total Im- 
migrants. 


Year. 


Total Im- 
migrants. 


Yeaj 


, Total Im- 
* migrants. 


Year. 


Total Im- 
migrants. 


1820, . 


8,385 


1838, . 


38,914 


1855 


200,877 


1872, . 


404,806 


1821, . 


9,127 


1839, . 


68,069 


1856 


195,857 


1873, . 


459,803 


1822, . 


6,911 


1840, . 


84,066 


1857 


246,945 


1874, . 


313,339 


1823, . 


6,354 


1841, . 


80,289 


1858 


119,501 


1875, . 


227,498 


1824, . 


7,912 


1842, . 


104,565 


1859 


118,616 


1876, . 


169,986 


1825, . 


10,199 


1843,. 


52,496 


1860 


150,237 


1877, . 


141,857 


1826, . 


10,837 


1844, . 


78,615 


1861 


89,724 


1878, . 


138,469 


1827, . 


18,875 


1845, . 


114,371 


1862 


89,007 


1879, . 


177,826 


1828, . 


27,382 


1846, . 


154,416 


1863 


174,524 


1880, . 


457,257 


1829, . 


22,520 


1847, . 


234,968 


1864 


193,195 


1881, . 


669,431 


1830, . 


23,322 


1848, . 


226,527 


1865 


247,453 


1882, . 


788,992 


1831, . 


22,633 


1849, . 


297,024 


1866 


* 167,757 


1883, . 


603,322 


1832, . 


60,482 


1850, . 


369,980 


1867 


298,967 


1884, . 


518,592 


1833, . 


58,640 


1851, . 


379,466 


1868 


282,189 


1885, . 


395,346 


1834, . 


65,365 


1852, . 


371,603 


1869 


352,768 


1886, . 


334,203 


1S35, . 
1836, . 


45,374 
76,242 


1853 


368,645 
427,833 


1870 
1871 


387,203 
321,350 






1854, . 


Total, 


13,448,657 


1837, . 


79,340 















* Fiscal year ending June 1 



134 



MAVERICK NATIONAL BANK. 



Arrivals by Countries. 



Great Britain. 




Russia, .... 


38,316 


England, 


. 


894,444 


Spain 


28,091 


Ireland, 




3,065,761 


Sweden and Norway, 


306,092 


Scotland, 




159,547 


Switzerland, 


83,709 


Wales, . 




17,893 
560,453 


Turkey, .... 
Total from Europe, 


619 


Great Britain, not specified, 


8,746,921 


Total from British Isles, 


4,698,098 






Austria-Hungary, 


65,588 


Summary. 




Belgium, 




23,267 


Europe, .... 


8,746,921 


Denmark, . 






48,620 


Asia 


228,047 


France, 






313,716 


Africa, 


1,631 


Germany, 






3,002,027 


British America, 


568,941 


Greece, 

Italy, . 

^Netherlands, 

Poland, 






385 
70.1S1 

4,319 
14,831 

9,062 


All other American coun- 
tries, 

Pacific, .... 

All other, .... 

Grand aggregate, . 


97,007 

10,474 

255,778 


Portugal, 


9,908,799 



Prior to 1820 no official records of arrivals of aliens 
were kept. It is estimated that the total number arrived 
in the United States from the foundation of the Govern- 
ment to the year 1820 was 250,000. 

The nationality of immigrants to the United States in 
the year ending June 30, 1886, was as follows : German, 
84,403; Irish, 49,619 ; English, 50,803 ; Scotch, 12,126 ; 
Swedish, 27,751; Italian, 21,315; Norwegian, 12,359; 
Danish, 6,225 ; Swiss, 4,805 ; French, 3,318 ; European, 
uot classified, 55,404; all others, 5,668. Of the whole 
number of immigrants arrived in the above-named period, 
266,370 came through the customs district of New York, 
25,046 through Boston, and 20,822 through Philadelphia. 

The records at Castle Garden, New York, for the year 
ending Dec. 31, 1886, show that 300,918 immigrants 
landed at the port of New York during that period, being 
19,748 more than in 1885. 



MAVERICK NATIONAL BANK. 



135 



Proportion of Total European Emigration received by 
the United States, 1820-1882. 

Of the seventeen millions of emigrants leaving Europe 
between 1820 and 1882, eight and one-half millions were 
from Great Britain and Ireland, and four and one-half 
millions from Germany, Nearly twelve millions came to 
the United States, and almost four millions went to 
British colonies. 

British and Germans averaged sixty males to forty 
females ; Spaniards and Italians seventy to thirty re- 
spectively. 

In thirty- three years preceding 1883 there were 2,412,- 
000 persons evicted in Ireland, and 3,130,000 emigrants 
therefrom. 

The remittances by Irish settlers in the United States 
to their friends in Ireland between 1851 and 1881 
amounted to $100,000,000, including $7,500,000 sent in 
1881. 

Agricultural Products of the United States. 
The following table gives total production of leading 
staples for five years to Jan. 1, 1887 : — 





1886. 


1885. 


1884. 


1883. 


1882. 


Wheat (bush.), 


457,218,000 


357,112,000 


512,763,900 


421,086,160 


504,185,470 


Corn (bush.), . 


1,665,441,000 


1,936,176,000 


1,795,528,432 


1,551,066,895 


1,617,025,100 


Oats (bush.), ■ 


624,134,000 


629,409,000 


583,628,000 


571,302,402 


488,250,610 


Cotton (bales),. 


6,550,215 


5,669,021 


5,714,052 


6,992,234 


5,465,845 


Tobacco (lbs.), 


485,000,000 


483,401,443 


541,504,000 


451,545,641 


513,077,558 


Wool, (lbs.), . 


322,205,000 


329,600,000 


337,500,000 


320,400,000 


300,000,000 


Dressed hogs 
(est. 14 States, 
1886), . 


7,000,000 


6,914,181 


6,447,398 


5,399 ,§64 


6,130,212 



136 



MAVERICK NATIONAL BANK. 



Chicago Prices. 

Highest and Lowest and Average for No. 2 Spring 
Wheat,- 1877-1886. 





00 

90 

N 


ao 

00 


so 

90 


M 

(X) 
90 

H 


M 

00 
00 

FN 


i 


© 

i 

H 


Si 

00 

N 


90 


90 


Low, . 
High, . 


69% 

85 


73% 
91% 


69% 
96 


90 
113% 


91% 
140 


95% 
143% 


86% 
132 


81% 
133% 


77 
114 


101% 
176% 


Average, 


77 


82% 


82% 


101% 


118 


115% 


105% 


99% 


96% 


127% 



Highest and Lowest Prices of Corn, 1877-1886. 





© 

90 
90 


90 
90 


00 

90 


M 

00 

90 


90 
90 


00 
90 


© 

90 
90 


a 

00 


so 


2 


Low, 
High, . 


32% 
45 


34% 

49 


34% 

87 


46 
63 


48% 
82% 


36 
76% 


31% 
44% 


29% 

48 


29% 
42% 


37% 

58% 



Wheat Crops of the Principal Grain- Growing 

Nations. 



Average Annual 
Yield. 



United States, . 

France, 

India, . 

Russia, 

Italy, . 

Germany, . 

Austria-HuDgary. 

Spain, . 

Great Britain, . 

Australia, . 

Belgium, 

Turkey, 

Roumania, . 

Mexico, 

Netherlands, 

Portugal, • 

Greece, 

Sweden, 

Servia, 

Norway, 

Denmark, . 

Switzerland, 



1886 

1872-83 

1884 

1884 

1872-82 

1878-83 

1874-82 

1883 

1884 

1884 

1882 

1883 

1884 

1883 

1870-82 

1877 

1884 

1874-82 

1883 

1884 

1875-82 

1884 



Bushels. 

457,218,000 

340,323,377 

252,000,000 

220,000,000 

146,173,f«4 

117,780,505 

117,140,308 

117,000,000 

85,000,000 

45,014,174 

42,373,349 

40,000,000 

28,000,000 

12,466,421 

11,393,917 

8,722,517 

6,000,000 

4,483,333 

4,000,000 

2,750,000 

2,428,415 

2,000,000 



MAVERICK NATIONAL BANK. 



137 



Cotton. 

Annual Crops, Exports, and United States Consumption 
of Cotton, 1841-1886. 

[In thousands of bales.] 







Total 


Exports. 


Home Consumption. 


Season. 


To 

Great 

Britain. 






Takings 


Takings of 




Crop. 


To 


Total 


of 


Southern 






Continent. 


Exports. 


Northern 
Mills. 


Mills 
and Burnt. 


1841-42, . 


1,684 


936 


529 


1,465 


268 


s 


1842-43, 




2,379 


1,470 


540 


2,010 


325 




1843-44, 




2,030 


1,202 


427 


1,629 


347 




1844-45, 




2,394 


1,439 


645 


2,084 


389 


>* 


1845-46, 




2,100 


1,102 


565 


1,667 


423 




1846-47, 




1,779 


831 


410 


1,241 


428 


J 


1847-48, 




2,423 


1,324 


534 


1,858 


532 


75 


1848-49, 




2,840 


1,538 


690 


2,228 


518 


112 


1849-50, 




2,204 


1,107 


483 


1,590 


488 


107 


1850-51, 




2,415 


1,418 


571 


1,989 


404 


60 


1851-52, 




3,126 


1,669 


775 


2,444 


588 


111 


1852-53, 




3,416 


1,737 


791 


2,528 


650 


153 


1853-54, 




3,075 


1,604 


715 


2,319 


592 


145 


1854-55, 




2,983 


1,550 


694 


2,244 


571 


135 


1855-56, 




3,665 


1,921 


1,034 


2,955 


633 


138 


1856-57, 




3,094 


1,429 


824 


2,253 


666 


154 


1857-58, 




3,257 


1,810 


780 


2,590 


452 


143 


1858-59, 




4,019 


2,019 


1,002 


3,021 


760 


167 


1859-60, 




4,861 


2,669 


1,105 


3,774 


793 


• 186 


1860-61, 




3,849 


2,175 


952 


3,127 


650 


193 


1861-65,1 




- 


- 


_ 


_ 


_ 


_ 


1865-66, 




2,278 


1,262 


293 


1,555 


541 


127 


1866-67, 




2,233 


1,216 


341 


1,557 


573 


150 


1867-68, 




2,599 


1,228 


428 


1,656 


800 


168 


1868-69, 




2,434 


989 


458 


1,447 


822 


173 


1869-70, 




3,114 


1,475 


704 


2,179 


777 


80 


1870-71, 




4,347 


2,368 


800 


3,168 


1,072 


91 


1871-72, 




2,974 


1,474 


483 


1,957 


977 


120 


1872-73, 




3,874 


1.920 


756 


2,676 


1,063 


138 


1873-74, 




4,130 


1,852 


959 


2,811 


1,192 


128 


1874-75, 




3,831 


1,833 


841 


2,674 


1,071 


130 


1875-76, 




4,632 


2,005 


1,227 


3,232 


1,220 


134 


1876-77, 




4,474 


1,994 


1,034 


3,028 


1,302 


127 


1877-78, 




4,774 


2,047 


1,309 


3,356 


1,345 


151 


1878-79, 




5,074 


2,053 


1,413 


3,466 


1,375 


198 


1879-SO, 




5,761 


2,554 


1,310 


3,864 


1,574 


223 


1880-81, 




6,606 


2,832 


1,733 


4,565 


1,713 


230 


1881-82, 




5,456 


2,295 


1,256 


3,551 


1,677 


287 


1882-83, 




6,950 


2,886 


1,838 


4,724 


1,759 


313 


1883-84, - 




5,713 


2,485 


1,432 


3,917 


1,537 


346 


1884-85, 




5,706 


2,425 


1,495 


3,920 


1,437 


318 


1885-86, 


6,575 


2,565 


1,771 


4,336 


1,781 


385 



* No estimate. 



t Civil war; no record of cotton movement. 



138 



MAVERICK NATIONAL BANK. 



New York Highest and Lowest Prices for Spot Middling 
Cotton, 1826 to June I, 1887. 



Year. 


High- 
est. 


Low- 
est. 


Ykar. 


High- 

^-est. 


Low- 
est. 




1826, . 


14 


9 


1847, . 


12 


7 




1827, . 


12 


8 


1848, . 


8 


5 




1828, . 


13 


9 


1849, . 


11 


6 




1829, . 


11 


8 


1850, . 


14 


11 




1830, . 


13 


8 


1851, . 


14 


8 




1831, . 


11 


7 


1852, . 


10 


8 




1832, . 


12 


7 


1853, . 


11 


10 




1833, . 


17 


9 


1854, . 


10 


8 




1834, . 


16 


10 


1855, . 


11 


i 




1835, . 


20 


15 


1856, . 


12 


9 




1836, . 


20 


12 


1857, . 


15 


13 




1837, 


17 


7 


1858, . 


13 


9 




1838, . 


12 


9 


1859, . 


12 


11 




1839, . 


16 


11 


1860, . 


11 


10 




1840, . 


10 


8 


1861, . 


28 


11 




1841, . 


11 


9 


1862, . 


68 


20 




1842, . 


9 


7 


1863, . 


88 


54 




1843, . 


8 


5 


1864, . 


1.90 


72 




1844, . 


9 


5 


1865, . 


1.22 


33 




1845, . 


9 


4 


1866, . 


52 


32 


: 


1846, . 


9 


6 


1867, . 


36 


15% 





Highest. 



1868, 
1869, 
1870, 
1871, 
1872, 
1873, 
1874, 
1875, 
1876, 
1877, 
1878, 
1879, 
1880, 
1881, 
1882, 
1883, 
1884, 
1885, 
1886, 
1887 (5mos.) 



33 

35 

25% 

21% 

27% 

21% 

18% 

17% 

13% 

13 5-16 

12 3-16 
13% 

13% 

13 

13 1-16 

n% 

11 15-16 
11 5-16 
9 9-16 
11% 



Lowest. 



16 

25 

15 

14% 

18% 

13% 

14% 

13 1-16 

10% 

10 13-16 

8 13-16 
9% 

10 15-16 
10 7-16 
10% 
10 

9% 

9 

9 1-16 
9% 



Consumption of Cotton in Millions of Pounds. 





1830. 


1840. 


1860. 


1870. 


1880. 


Great Britain, 


250 


454 


1,140 


1,101 


1,404 


United States 


52 


135 


410 


530 


961 


Germany, 


56 


120 


220 


260 


390 


France, 


87 


110 


215 


250 


340 


Various, 


162 


231 


286 


239 


649 




607 


1,050 


2,279 


2,380 


3,744 



It appears from the above that the cotton industries of 
America have increased nearly three times as fast as 
those of the rest of the world. 



MAVERICK NATIONAL BANK. 



139 



Cotton Manufacture in the United States, 1881, 






s > 
a 53 



'3 g 
f^ so 


it 


la 


« o a 


"0 


O 



[000 omitted.] 



Me., 
N.H., 

Vt., 

Mass., 

R.I, 

Conn., 

N. Y., 

N. J., 

Pa., 

Del., 

Md., 

Va , 

N.Car., 

8. Car., 

Ga., 

Fla., 

Ala., 

Miss., 

La., 

Tex., 

Ky., 

Tenn., 

Ark., 

O., 

Ind., 

Ills., 

Mo., 

Mich., 

Wis , 

Minn., 

Utah, 

Total, 



$15,092 
19,517 
936 
72,896 
29,048 
20,100 
11,179 
3,268 
10,249 

4,i 

1,115 

2,858 

2,768 

6,363 

11 

1,186 

951 

195 

50 

360 

1,140 

75 

670 

1,090 

240 

690 

20 

202 

5 

20 



696,564 

1,008,509 

55,081 

4,276,723 

1,648,917 

933,540 

573,390 

232,221 

425,247 

48,858 

125,706 

44,340 

100,2( 

92,424 

199,578 

816 

49,432 

18,568 

6,096 

2,648 

9,022 

39,236 

2,015 

14,328 

33,396 

4,860 

19,312 

5,100 

10,240 

1,708 

432 



15,978 

25,503 

1,180 

95,671 

29,881 

18,161 

12,575 

3,180 

8,211 

786 

2,425 

1,322 

1,770 

1,676 

4,390 

863 

644 

120 

71 

73 

806 

28 

42 

776 

24 

431 

131 

400 

24 

14 



112,381 

157,673 

7,404 

574,857 

167,480 

109,703 

64,614 

21,069 

83,997 

7,512 

51,537 

11,461 

27,642 

33,624 

71,389 

350 

14,702 

6,411 

1,354 

246 

4,050 

10,436 

680 

5,323 

11,558 

2,261 

6,399 

600 

3,173 

400 

56 



343 
.057 
735 
,939 
918 
,419 
379 
273 
024 

,168 
,112 

,270 
,197 
,372 
33 
,490 
716 
108 
71 
354 
998 
64 
434 
720 
237 
515 



751 $207,781 10,678,516 227,156 1,570,342 175 



$2,946 


$6,234 


4,284 


8,629 


161 


458 


15,857 


31,107 


5,468 


10,457 


3,494 


6,281 


1,968 


3,981 


1,156 


1,319 


2,464 


4,749 


145 


427 


765 


2,780 


169 


601 


438 


1,125 


340 


1,723 


1,119 


3,591 


5 


16 


225 


729 


133 


301 


12 


68 


2 


11 


63 


188 


180 


508 


12 


25 


104 


258 


162 


679 


47 


110 


97 


336 


16 


36 


67 


180 


6 


22 


2 


3 


£41,921 


$86,945 



$13,459 

17,848 

730 

72,035 

23,170 

15,775 

8,346 

4,568 

10,912 

1,308 

4,682 

1,037 

2,528 

3,750 

6,216 

25 

1,228 

679 

82 

21 

418 

921 

50 

637 

1,155 

219 

522 

70 

328 

35 

7 



Wool. 
The following table shows the estimated wool product 
of the United States for five years to Jan. 1, 1887, in 
millions of pounds : — 





1886. 


1883. 


1884. 


1883. 


1882. 


Iowa, Missouri, Minnesota and 
States east of the Mississippi, 
except lower Southern, 

California 

Oregon, and other "Western States 
and Territories, .... 

Colorado and New Mexico, 

Texas, 

Georgia, Lake, Southern, . 


160 
40 

56 
24 
26 
16 


165 
36 

55 
26 
31 
16 


180 
37 

45 
25 
35 
15 


177 
40 

37 
21 
31 
12 


166 
39 

30 
20 
31 
12 


Total, 


322 


329 


337 


320 


300 



CHAPTER XII. 



COAL AND IRON IN THE UNITED STATES. 



Discovery and Early History of Coal. — Early Production of Pig Iron. — Prog- 
ress of Steel Manufacture. — Manufacture of Iron and Steel Rails. — Iron 
Shipbuilding. — Coal Statistics, 1830-1887. — Pig-iron Statistics, 1854-1887.— 
Steel and Steel Pails Statistics, 1880-1887. Imports and Exports, Iron and 
Steel, 1S79-18S7. — Furnaces of the United States. 

Coal. 
The first coal discovered in America was by Father 
Hennepin, near Ottawa, 111. Anthracite from Wyoming 
Valley, Pa., was used by local smiths as early as 1768. 
In 1776, anthracite was floated down the Susquehanna 
from Wilkesbarre to Carlisle, where it was used in the 
government arsenal. In 1791, a hunter discovered the 
Lehigh deposits, and a quarry was opened in the same 
year, In 1803, one hundred tons were brought to Phila- 
delphia, but it was not burned. In 1812, a quantity was 
sold at Schuylkill Falls, at $21 per ton, and the way to 
utilize it was discovered. It was first mined in 1813, 
when five boat-loads were floated down the Lehigh River 
and sold in Philadelphia for about $20 per ton. In 1820, 
regular shipments began from the Pennsylvania mines, 
when the regular product was about two thousand tons. 



MAVERICK NATIONAL BANK. 141 

Pennsylvania also produces the largest quantities of 
bituminous coal, Ohio, Illinois, and West Virginia coming 
next on the list. 

Pig Iron. 

The first discovery of iron ore by Europeans in the 
United States was made in North Carolina in 1585 by 
Raleigh's expedition. In 1608, iron was first made from 
American ore, which was shipped to England. In 1619, 
iron works were established on Falling Creek, Va. ; but 
they were destroyed in 1622 by the Indians, and never 
rebuilt. The first successful works in the colonies were 
established in Massachusetts, on Saugus River, Lynn, 
in 1643, by John Winthrop. They comprised a blast 
furnace and a refinery forge. Other early enterprises 
were located at Braintree, Taunton, and other places ; and 
for a hundred years after its settlement Massachusetts 
led iron manufacturing on this continent. In 1731 there 
were six furnaces and nineteen forges, and in 1784 
seventy-six iron works, in the State. 

In 1728-29, Pennsylvania exported two hundred and 
seventy-four tons of pig iron to England. 

Since the middle of the eighteenth century, Pennsyl- 
vania has been the foremost iron-making State in the 
Union. In recent years it has produced one-half of all 
the pig iron, nearly one-half of all the rolled iron, and 
more than one-half of all the steel made in the United 
States. In 1870 and 1880, Ohio ranked second and New 
York third in the list of iron and steel producing States. 

Prior to 1830, charcoal iron was principally made, but 
about that time the rolling-mills began puddling iron ex- 
tensively. About 1840, the introduction of bituminous 
and anthracite coal in the blast furnace revolutionized 
the iron industry of the country. Most of the charcoal 
furnaces in Pennsvlvania have been abandoned. Still, 



142 MAVERICK NATIONAL BANK. 

the country at large annually makes more charcoal pig 
than in 1840 or in any preceding year, as the fuel is still 
employed in thickly-wooded localities which lack coal. 
Anthracite pig was first successfully made in 1836, by 
Dr. G-eissenhainer, in Schuylkill Co., Pa. 

Bituminous coal was not used to any great extent until 
after 1850. In 1849 there was not a coke furnace in 
Pennsylvania ; but in 1856 there were twenty-one in 
that State and three in Maryland. Even as late as 1865 
only 100.000 tons of coke were used in the blast furnaces 
of the United States, while in 1880 the quantity had in- 



Steel. 

Aaron Eliot of Connecticut is the first steel maker on 
record in the United States prior to 1750. In that year 
Massachusetts had one steel furnace, New Jersey one, 
and Pennsylvania three. In 1805, the latter State had 
two furnaces- producing 150 tons of steel annually. This 
was all common blister steel. Until 1831, the first qual- 
ities were imported from Europe ; but the product of 
furnaces in Pittsburg. New York, and Connecticut then 
began to equal the best English article. From that time 
much progress has been made. 

Bessemer steel was first made in this country by 
William F. Durfee, at Wyandotte, Mich. In 1884, 
twenty-two Bessemer steel works had been built in the 
United States, of which two had been abandoned, one 
was being built, twenty, employing forty-five converters, 
were in operation. The first Bessemer steel rails were 
rolled at the North Chicago Mills, in May, 1865, as an 
experiment ; and the first in the way of regular business, 
by the Cambria Iron Company, at Johnstown, Pa., in 
August, 1867. 



MAVERICK NATIONAL BANK. 143 



Iron and Steel Rails. 
The rails used on the early American tramways and 
steam railroads were made of wood strapped with iron. 
Wrought-iron rails, imported from England, were first 
used in this country on the Baltimore and Ohio road.in 
1832. Flat cast-iron rails were made in 1841 at Potts- 
ville, Pa. ; but no T rails were rolled until 1845. Rolling- 
mills at Danville, Pa., were erected expressly for that 
purpose. The first thirty- foot rails rolled in this country 
were made at Johnstown, Pa., in 1855. As there was no 
demand for them, the Cambria Iron Company, the manu- 
facturers, used them in their own tracks ; and it was not 
until 1859 that rails of this length were rolled on order. 
The Edgar Thomson Steel Company, near Pittsburg, 
rolled the first sixty-foot rails, in 1875. 

Iron Shipbuilding. 

The first iron vessel in the United States was built at 
Pittsburg, in 1839, — a steamboat called the Valley Forge. 
Others were subsequently constructed there, among them 
a schooner, for ocean service, and a steamer, the Michi- 
gan, for service on the lakes. Both were built by govern- 
ment order about 1842. In the same year, Capt. John 
Ericsson designed four propeller steamers for the Dela- 
ware and Raritan Canal, each 96 feet long, 24 feet beam, 
and 7 feet deep ; and in 1843 he built the revenue pro- 
peller Legate, for revenue service, 150 feet long, 26 feet 
beam, and 10 feet deep ; also four propellers for the Erie 
Canal, each 80 feet long, 14 feet beam, and 6 feet deep, 
and other canal steamers. In 1846, the iron passenger 
steamer, for Hudson River service, the Iron Witch, 220 
feet long, 27 feet beam, and 13 feet deep, was built at 
New York, from Captain Ericsson's designs. Prior to 



144 



MAVERICK NATIONAL BANK. 



1845 two vessels of considerable dimensions were also 
built at Boston ; but this branch of industry made slow 
progress until the opening of the civil war. In 1868, five 
iron steamships were built for ocean service ; and since 
that year over three hundred have been built, mostly at 
shipyards on the Delaware. Four fine iron steamers, 
having a tonnage of 3,100 each, were built of Pennsyl- 
vania iron for the American Steamship Company in 1871, 
1872, and 1873, at Philadelphia, by the Cramps. In 1872, 
Eoach built the City of ToMo and City of Pekin, regis- 
tering 5,000 tons each, for the Pacific Mail Company. 



Coal Statistics. 

Total Coal Production of the United States, Anthracite 
and Bituminous, 1870-1886. 

[Saward's estimates.] 



Yeab. 


Gross Tons. 


18S6, 


106,780,033 


18S5, 


102,124,554 


1884, 


99,443,062 


1SS0 (census report), 


63,773,603 
29,842,581 






Anthracite Coal Production of Pennsylvania, 1830-1886. 



1830, 
1840, 
1850, 
1860, 
1870, 
1871, 
1872, 
1873, 
1874, 
1875, 
1876, 



Total 
Gross Tons. 



174 

864, 

3,358, 

8,513, 

16,182! 

19,'669i 
21,227, 
20,145, 
19,712, 
18,501, 



1877, 
1878, 
1879, 
1880, 
1881, 
1S82, 
1SS3, 
1884, 
1885, 
1886, 
1887 (5 months) 



Total 
Gross Tons. 



20,828,179 
17,605,262 
26,142,689 
23,437,242 
28,500,017 
29,120,096 
31,793,027 
30,718,293 
31,623,530 
32,136,362 
12,439,916 



MAVERICK NATIONAL BANK. 



145 



Production of Coal in Great Britain, 1854-1886. 



Years. 


Gross Tons. 


Years. 


Gross Tons. 


00 OO CO 


65 millions. 
80 
110 


1880, .... 
1883, .... 
1886, .... 


147 millions. 

164 

158 



Iron Statistics. 

Annual Production of Pig Iron in the United States 
since 1854. 

[Statistics of the American Iron and Steel Association.] 















Net Tons of 2,000 Pounds. 


YEAES. 


Anthracite, 










and mixed 
Anthracite 


Charcoal. 


Coke and Eaw 
Bituminous. 


Total. 




and Coke. 








1854, .... 


339,435 


342,298 


54,485 


736,218 


1860 












519,211 


278,331 


122,228 


919,770 


1864 
1865 












634,018 
479,558 


241,853 

262,342 


210,125 
189,682 


1,135,996 
931,582 


1870 












930,000 


365,000 


570,000 


1,865,000 


1875 












908,046 


410,990 


947,545 


2,266,581 


1830 












1,807,651 


537,558 


1,950,205 


4,295,414 


1881 












1,734,462 


638,838 


2,268,264 


4,641,564 


1882 












2,042,138 


697,906 


2,438,078 


5,178,122 


1883 












1,885,596 


571,726 


2,689,650 


5,146,972 


1884 












1,586,453 


458,418 


2,544,742 


4,589,613 


1885 












1,454,390 


399,844 


2,675,635 


4,529,869 


1886 




2,099,597 


459,557 


3,806,174 


6,365,328 



In 1854 this country made more pig iron with charcoal 
than with anthracite coal, and the manufacture of pig 
iron with bituminous coal had but just begun. The very 
next year charcoal was passed by anthracite, and in 1869 
it was passed by bituminous coal. Anthracite continued 
the leading fuel until 1875, when it, too, was passed by 
bituminous coal, which has since continued to be the 
favorite blast-furnace fuel, and is doubtless destined to 
so remain. 



146 



MAVERICK NATIONAL BANK. 



Production of all Kinds of Pig Iron, by States, 1882-86. 

[Statistics of American Iron and Steel Association.] 



Net Toxs of 2,000 Pounds. 



BTATES. 














1882. 


1883. 


1SS4. 


1885. 


1886. 


Maine, 


4,100 


4,400 


_ 


440 


5,060 


Vermont, . 


1,100 


- 


- 


- 


- 


Massachusetts, . 


10,335 


10,760 


4,902 


869 


8,124 


Connecticut, 


24,342 


19,976 


14,174 


17,500 


19,390 


New York, 


416,156 


331.964 


239,486 


160,157 


233.618 


New Jersey, 


176,805 


138,773 


82,935 


73,667 


157,886 


Pennsylvania, . 


2,449,256 


2,638,891 


2,385,402 


2,445,496 


3,293,289 


Maryland, . 


54,524 


49,153 


27,342 


17,299 


30,502 


Virginia, . 


87,731 


152,907 


157,483 


163,782 


156,250 


North Carolina, 


1.150 


- 


435 


1,790 


2,200 


G-eorgia, . 


42,440 


45,364 


42,655 


32,924 


46,490 


Alabama, . 


112,765 


172,465 


189,664 


227,438 


283,859 


Texas, 


1,321 


2,381 


5,140 


1,843 


3,250 


West Virginia, . 


73,220 


88,398 


55,231 


69,007 


98,618 


Kentucky, 


66,522 


54,629 


45,052 


37,553 


54,844 


Tennessee, 


137,602 


133,963 


134,597 


161,199 


199,166 


Ohio, . 


698,900 


679,643 


567,113 


553,963 


908.094 


Indiana, . 


10,000 


9,950 


2,568 


6,634 


16,660 


Illinois, 


360,407 


237,657 


327,568 


327,977 


501,795 


Michigan, . 


210,195 


173,185 


172,834 


143,121 


190,734 


Wisconsin, 


85,859 


51,893 


52,815 


24,632 


65,933 


Missouri, . 


113.644 


103,296 


60,043 


51,408 


74,523 


Minnesota, 


8,126 


8,000 


- 


- 


- 


Utah Territory, 


57 


- 


- 


- 


- 


Colorado, . 


23.718 


24,680 


15,837 


5,481 


10,451 


Oregon, . 


6,750 


7,000 


3,640 


3,832 


- 


California, 


937 


5,237 


2,157 


- 


1,750 


Wash'ng'nTer., 


- 


2,317 


540 


1,857 


2,842 


Total, . 


5,178,122 


5,146,972 


4,589,613 


4,529,869 


6,365,328 



Our production of iron ore in 1886 was much larger 
than in any previous year, amounting in round numbers 
to ten million gross tons. The Lake Superior region 
still remains our most important source of domestic 
supply. In 1886 this district shipped 3,562,570 gross 
tons, an increase of 1,106,022 tons over the 2,456,548 
tons shipped in 1885. 

Of the total production of pig iron in 1886. Pennsyl- 
vania produced 51.7 per cent. ; Ohio, 14.2 per cent. ; 
Illinois, 7.8 per cent. ; and Alabama, 4.4 per cent. No 
other State produced as large a percentage as Alabama. 



MAVERICK NATIONAL BANK. 



147 



Production of Iron and Steel and Iron Ore in 1886. 

IN COMPARISON WITH THAT OF 1885 AND OF 1876. 



Products: Net Tons {except Nails). 



1886. 



1885. 



Increase 
per Cent. 



Pig iron, 

Bessemer steel ingots, 

Bessemer steel rails, . 

Open-hearth steel ingots, 

Open-hearth steel rails, 

Crucible steel ingots, . 

All kinds of rolled iron, except rails 

Iron rails, 

Kegs of iron and steel cut nails, 
Blooms from ore, pig iron, and scrap 



6,365 

2,541 

1,763 

245 

5 

80, 
2,259, 

23, 
8,160, 

41 



4,529,869 

1,701,762 

1,074,607 

149,381 

4,793 

64,511 
1,789,711 

14,815 
6,696,815 

41,700 



2,093,236 

525,996 

412,461 

21,490 

None. 

39,382 

1,042,101 

467,168 

4,157,814 

44,628 



Annual Production and Average Price of Bessemer Steel 
Pails in the United States since 1867, in Gross Tons, 
and Pates of Duty imposed on Foreign Pails. 



Years. 


Production in 
Gross Tons. 


Price in 
Currency. 


Duty. 


1867 


2,277 


$166 00 




1868 
















6,451 


158 50 


45 per cent. 


1869 
1870 
















8,616 
30,357 


132 25 
106 75 


ad valorem. 


1871 
















34,152 


102 50 




1872 
















83,991 


112 00 




1873 
















115,192 


120 50 


$28 per ton 


1874 
















129,414 


94 50 


to Aug. 1, 


1875 
















259,699 


68 75 


1872; $25.20 


1876 
















363,269 


59 25 


, to March 3, 


1877 
















385,865 


45 50 


' 18 75; $28 


1878 
















491,427 


42 25 


from that 


1879 
















610,682 


48 25 


date to July 


1880 
















852,196 


67 50 


1, 1883. 


1881 
















1,187,770 


61 13 




1882 
















1,284,067 


48 50 


J 


1883 
















1,148,709 


37 75 


I 


1884 
















996,983 


30 75 


$17 per ton 


1885 
















959,471 


28 50 


> from July 1, 


1886 
















1,574,703 


34 50 


1S83. 


1887 (March), 










- 


39 50 


J 



The lowest average annual price at which Bessemer 
steel rails have been sold in this country was reached in 
1885, namely, $28.50, but sales were made at still lower 
figures in both 1884 and 1885. 



148 



MAVERICK NATIONAL BANK. 



Approximate Consumption of Rails in United States, 
1867-1886. 







Imported. 


Approximate 




United States. 


Iron. Steel. 


Net Tons. 


1867, 


462,108 


163,049 


625,157 


1868 














506,714 


250,081 


756,795 


1869 














593,586 


313,163 


906,749 


1870 














620,000 


399,153 


1,019,153 


1871 














775,733 


566,202 


1,341,935 


1872 














1,000,000 


381,064 


149,786 


1,530,850 


1873 














890,077 


99,201 


159,571 


1,148,849 


1874 














729,413 


7,796 


100,515 


837,724 


1875 














792,512 


1,174 


18,274 


811,960 


1876 














879,629 


287 


None. 


879,916 


1877 














764,709 


None. 


35 


764,744 


1878 














882,685 


None. 


10 


882,695 


1879 














1,113,273 


19,090 


25,057 


1,157,420 


1880 














1,461,837 


132,459 


158,230 


1,752,526 


1881 














1,844,100 


137,013 


249,308 


2,230,421 


1882 














1,688,794 


41,992 


182,135 


1,912,921 


1883 














1,360,694 


757 


38,220 


1,399,671 


1884 














1,144,851 


94 


3,074 


1,148,019 


1885 














1,094,215 


57 


2,395 


1,096,667 


1886 




1,792,601 


7 


46,571 


1,839,179 



Imports, Manufactured Iron and Steel and Iron Ore, 

1879-1886. 



Manufactured Ikon and Steel. 


Iron Ore. 


Years. 


Net Tons. 


Values. 


Years. 


Gross Tons. 


1879, 
1880, 
1881, 
1882, 
1883, 
1884, 
1885, 
1886, 




862,382 

2,112,341 

1,322,439 

1,335,371 

777,650 

733,260 

647,895 

1,230,393 


$33,331,569 
80,443,362 
61,555,077 
67,075,125 
47,506,306 
37,078,122 
31,144,552 
41,603,779 


1879, 
1880, 
1881, 
1882, 
1883, 
1884, 
1885, 
1886, 






284,141 
493,408 
782,887 
589,655 
490,875 
487,820 
390,786 
1,039,433 



MAVERICK NATIONAL BANK. 



149 



Exports, Manufactured Iron and Steel, 1879-1886. 



Yeaes. 


Values. 


Yeaes. 


Values. 


1879 

1880 

1881 

1882 


$14,223,646 
15,156,703 
18,216,121 
22,348,838 


1883, .... 

1884, .... 

1885 

1886 


$22,716,040 
19,290,895 
16,622,511 
14,865,087 



The tonnage of the above exports are not given, nor 
statistics of our insignificant exports of iron ore. 



Iron Furnaces of the United States. 

[May 1, 1887, compared with same date, 1886.] 





May 1, 1887. 


May 1, 1886. 


Increase. 


Anthracite : 

In blast, 

Weekly capacity (tons), .... 

Bituminous and coke : 

In blast, 

Weekly capacity (tons), .... 


137 

43,802 

148 
83,509 


119 
36,924 

129 

67,888 


18 

6,878 

19 
15,621 


Total : 

In blast, 

Weekly capacity (tons), .... 


285 
127,311 


248 
104,812 


37 

22,499 



Compared with April 1, there is a decrease of two 
furnaces in blast, but an increase in weekly capacity of 
1,930 tons. The production of pig iron during the first 
four months of 1887 is estimated at 715,234 tons of 
anthracite and 1,321,418 tons of bituminous iron ; total, 
2,036,652 tons, or at the rate of 6,100,000 tons for the 
year, exclusive of charcoal iron. Another estimate for 
the year, embracing all classes of pig, puts the figures at 
7,840,000 tons. 



CHAPTER XIII 



ELECTRICAL DEVELOPMENT. 



Telegraph Statistics of the United States and of the World.— Cable Systems 

of the World. — Their Capitalization, Length, etc. 
Telephone Systems of the United States and of the World. — Miles of Wire, 

Exchanges, Subscribers, Telephones in Use, etc. 
The Electric Light. — Capital invested in Manufacturing and in Local Plants in 

the United States — Growth of Electric Lighting since 1880. — Its Cost as 

compared with G-as. — Electric Lighting of Railway Trains, etc. 
Electric Railways. — Systems in Use. —Electric Railway Systems of Europe 

and the United States, and their Physical and Financial Details. 
Chronology of Electrical Science from 1600 to 1886. 

Telegraphs. 
The power of transmitting electricity was discovered 
in 1727. Franklin and English scientists experimented 
twenty years later. In 1758, Alexander Marshall in- 
vented a plan for telegraphic communication ; in 1774, 
Lesage, a Swiss physician, operated an apparatus. The 
discovery of galvanism in 1790 gave telegraphy an im- 
pulse, and two unsuccessful plans were devised. Morse 
invented the first practical system, in 1832, and con- 
structed a working model in 1835, which he patented two 
years later. Professor Weber built the first land line, 
6,000 feet long, at Gottingen, in 1833. The earliest in 
England, built in 1839, extended from Paddington Sta- 



MAVERICK NATIONAL BANK. 



151 



fcion, London, to West Drayton, thirteen miles. In July, 
1844, a line was built from Washington to Baltimore, 
which was extended during the uext year to New York 
and Boston. The first company was the Magnetic Tele- 
graph Company. Meautime several lines were constructed 
in England, but the first company was not incorporated 
until 1846. In 1880 there were seventy-seven distinct 
telegraph systems in the United States. 

The following table gives dates of earliest telegraph 
construction by the principal nations of Europe. The 
systems are all under government control. 



Country. 


Date. 


Eoute of Line. 


France, 


1845, 


Paris to Rouen. 


Prussia, 






1849, 


Mayence to Frankfort-on-the Main. 


Belgium, 






1851, 


Brussels to Antwerp. 


Switzerland, 






1852, 


- 


Holland, 






1852, 


- 


Sweden, 






1853, 


Stockholm to Upsala, 60 miles. 


Russia, 






1853, 


St. Petersburg to Cronstadt. 


Spain, . 






1854, 


Madrid to Irun. 


Norway, . . . 






1855, 


- 



152 



MAVERICK NATIONAL BANK. 



Telegraph Statistics op the World. 



Countries. 



Year. 


Miles 


Miles 


of Lines. 


of Wires. 


1883 


33,712 


98,065 


1883 


5,215 


22,848 


1885 


3,749 


17,587 


1885 


5,800 


- 


1883 


23,320 


- 


1885 


4,219 


- 


1885 


7,625 


- 


1885 


3,089 


5,482 


1883 


2,357 


- 


1882 


2,835 


5,987 


1884 


2,360 


6,532 


1883 


5,762 


- 


1886 


2,701 


5,221 


1884 


56,545 


205,470 


1884 


49,728 


180,000 


1886 


28,500 


158,568 


1885 


3,720 


4,570 


1884 


2,880 


- 


1884 


23,341 


68,694 


1884 


17,816 


- 


1884 


5,000 


13,481 


1884 


19,000 


58,800 


1885 


2,838 


10,318 


1884 


10,000 


18,681 


1885 


4,264 


10,474 


1885 


5,563 . 


9,958 


1885 


3,824 


6,124 


1884 


3,045 


7,257 


1885 


6,979 


11,300 


1884 


3,256 


6,800 


1883 


65,394 


146,690 


1885 


5,291 


9,067 


1883 


10,733 


26,160 


1885 


4,102 


13,044 


1885 


4,300 


10,386 


1884 


14,617 


26,060 


1886 


218,247 


667,710 


1885 


4,020 


8,055 



Number of 
Messages. 



Austria-Hungary, 

Bavaria 

Belgium 

Brazil, 

Canada 

Cape of G-ood Hope, . 
Chili, . . . 

China, 

Colombia, . 
Cuba, . 
Denmark, . 
Dutch East Indies, . 

Egypt 

France, . 
Germany, . 

Great Britain and Ireland, 
Greece, . 

Guatemala 

India, British, . 

Italy 

Japan, . 

Mexico, . 

Netherlands, 

ISTew South Wales, 

New Zealand, 

Norway, 

Persia, 

Portugal, 

Queensland, 

Roumania, . 

Russia, 

South Australia, 

Spain, .... 

Sweden, 

Switzerland, 

Turkey, 

United States, 

Victoria, 



10,170,894 

6,788,071 
331,884 

740,791 
478,289 



1,297,434 
383,501 

29,452,708 

18,849,S55 

33,278,459 

627,693 

223,994 

1,837,048 

6,778,717 

2,731,810 

3,320,869 

2,334,052 

1,654,305 

950,018 

1,727,293 

1,012,255 

1,203,500 

10,222,139 

3,019,831 
1,178,959 
2,942,767 
1,259,133 
72,000,000 
1,594,296 



Total miles of line for the world, including 22 coun- 
tries not given in detail above, 710,096. 



Progress of Telegraphy in Great Britain. 

1870-1887. 

When the British government assumed control of the 
private telegraphic enterprise in 1870, there were 2,932 
telegraph offices in the United Kingdom, and at the end 
of March, 1887, there were 6,514 offices. In the finan- 
cial year 1870-71, the post office controlled 69,000 miles 



MAVERICK NATIONAL BANK. 



153 



of wire, over which 9,850,000 public messages were sent, 
bringing in gross receipts of £612,000, the working ex- 
penses being £350,000. This contrasts with the fiscal 
year 1885-86 of 170,000 miles, 39£ millions of messages, 
£61,800,000 receipts, with expenditure in excess of 
receipts consequent on exceptional outlay. It is esti- 
mated that one result of the halfpenny per word tele- 
gram will be a great increase in the number of messages. 
This year it is anticipated that the total number will 
probably exceed 52,000,000. 

In London there are 255 miles of pipes containing 
telegraph wires, which represent a total of 12,212 miles. 
Beyond this there are 868 miles of what is termed 
" open " wire in the metropolitan area. The following is 
a comparative return, showing the mileage of line and 
wire in the United Kingdom : — 





Overhead. 


Underground. 


Year. 


Line. 
Miles. 


Wire. 

Miles. 


Line. 

Miles. 


Wire. 

Miles. 


1877, 

1878, 

1882 

1886 


23,766^ 
24,43S% 
25,001^ 
26,425 


101,627% 
102,074 
111,811% 
150,590 


394% 

445% 

478% 
677% 


8,013% 
9,023 
10,993ii 
19,605 



Telegraphs of the United States, Jan. 1, 1887. 



Lines. 


Miles of 
Wire. 


Miles of 
Toles. 


No. of 
Offices. 


No. of 
Employees. 


Western Union, . 
Baltimore and Ohio, 

United lines 

United States Government, . 

Deeeret, 

Smaller lines, 


497,420 

61,919 

22,727 

3,000 

1,092 

81,552 


153,217 
8,353 
3,058 
3,000 
963 
49,656 


15,417 

1,300 

472 

55 

56 

4,373 


24,717 

2,960 

930 

90 

57 

6,756 


Total, .... 


667,710 


218,247 


21,673 


35,510 



154 



MAVERICK NATIONAL BANK. 



The Western Union Telegraph Company was organ- 
ized in 1851, with a capital of $360,000. Its lines 
at first extended from Buffalo to Louisville. No divi- 
dends were paid during the first seven years, all earnings 
being devoted to the acquisition and construction of 
other lines. It has since absorbed many independent 
companies, and controls a number of others under lease 
or otherwise. 

The following table gives a statement of its mileage 
and operations for the ten years ending June 30, 1886 : — 



Western Union Telegraph Company. 



Vwa-r Miles 
YKA*. Wire _ 


Offices. 


Messages. 


Net 
Earnings. 


Surplus 
or Deficit. 


1877, . . ' . 


194,323 


7,500 


21,158,941 


$3,140,128 


_ 


1878 










206,202 


8,014 


23,918,894 


3,551,543 


- 


1879 










211,566 


8,534 


25,070,106 


4,800,440 


- 


1880 










233,534 


9,077 


29.215,509 


5,833,938 


- 


1881 










327,171 


10,737 


32,500,000 


5,908,280 


- 


1882 










374,368 


12,068 


38,842,247 


7,118,070 


$1,852,408* 


1883 










428,546 


12.917 


40,581,177 


7,660,350 


1,994,314* 


1884 










450,571 


13,761 


42,076,226 


6,610,436 


498,916* 


1885 










462,283 


14,184 


42,096,583 


5,700,924 


166,535* 


1886 










489,607 


15,142 


43,289,807 


3,919,855 


14.169T 


1887 ( Jan. 1), . 


497,420 


15,417 


~ 


- 


— 



* Surplus. 



t Deficit. 



Cables, 



Attempts were made to lay submarine wires in 1839. 
The first successful one crossed the Hudson River at 
New York City, in June, 1848. In January, 1849, a 
successful two-mile cable was laid in England. One was 
put down between Dover and Calais in the next year. 
It worked but a single day, and was renewed by a cable 
twenty-seven miles long in 1853, when another was laid 
between Dover and Ostend, eighty miles. A third cable, 
one hundred and twenty miles long, was laid the same 
year between England and Holland. From 1853 to 
1858, thirty-seven cables, with a total length of 3,700 



MAVERICK NATIONAL BANK. 



155 



miles, were laid. The first Atlantic Cable, 2,500 miles 
long, between Valentia, Ireland, and Trinity Bay, N. F., 
was finally completed July 29, 1858, after more than a 
year of unsuccessful experiments. The first despatch 
went over Aug. 12, 1858. 

The following table gives dates of construction, loca- 
tion, and length of the early cables of the world : — 



Date. 


Between — 


Miles. 


1850, 

1852 

1858 

1866, 

1869, ..... 

1869 

1871, 

1874, 


Dover and Calais, .... 

Holyhead and Dublin, 

Valentia, Ire , and Trinity Bay, N. F., 

Ireland and Newfoundland, . 

France and West Indies, . 

France and St. Pierre, 

Singapore, China, and Australia, . 

Lisbon and Brazil, .... 




25 

65 

2,500 

1,896 

2,584 

4,980 
6,840 



Table showing Capitalization of the Cable Com- 
panies of the World, Jan. 1, 1877. 



Name. 



Capital. 



Anglo-American Telegraph Company, . 

Eastern Telegraph Company 

Eastern Extension, Australasia and China, . 
Brazilian Submarine Telegraph Company, . 
German Union Telegraph and Tiust Company, 
Indo-European Telegraph Company, 
Direct United States Cable Company, . 
Western and Brazilian Telegraph Company, 
Submarine Telegraph Company, 

Cuba Submariue 

Direct Spanish, 

Great Northern, 

Mediterranean Extension, .... 
West Indies and Panama, .... 

Total, 



$35 
18 
9 



,000,000 
,485,000 
,985,000 
,500,000 
950,900 
,125,000 
,500,000 
,692,200 
,691,125 
,100,000 
874,045 
,500,000 
760,000 
,666,050 



$105,829,320 



Eleven out of the fourteen companies paid dividends 
varying in amount from one-half of one per cent, to ten 
per cent, during 1876. 

There are now twelve submarine cables between Europe 



156 MAVEKICK NATIONAL BANK. 

and America, the longest being the French line from 
Brest to St. Pierre Miquelon, which is over 3,000 miles 
in length. 

Telephones. 

The first transmittal of sound by electricity was made 
by Dr. Page of Salem, in 1837. A Mr. Farrar of New 
Hampshire, prior to 1860, made an apparatus by which 
music was transmitted, but failed to construct a transmit- 
ter for speech. Philip Reis, a German, invented the dia- 
phragm transmitter about 1860 ; he used Page's receiver. 
In 1876, Professor Bell brought forward an entirely dis- 
tinct system ; but at first his instrument could only be 
used for twenty miles, and was not efficient, Elisha 
Gray, Thomas A. Edison, Professor Hughes, and others 
made improvements which put the system on a practical 
basis. The first telephone patents were granted in 1877 ; 
and twenty-two were issued before Jan. 1, 1878. The 
first companies were the American Speaking Telephone 
Company and the American Bell Telephone Company. 
The latter was organized in 1880, under a special charter 
from the State of Massachusetts. The Western Union 
Company transferred to the Bell Company the Gray and 
Edison patents under a contract giving it twenty per 
cent, of the latter's net earnings ; and agreed not to 
engage in telephone business. 

Priority of invention over Professor Bell has been 
claimed by Edison, Gray, Dolbear, Daniel Drawbaugh, 
James W. McDonough, and others ; and the dispute has 
given rise to many legal suits against the Bell Telephone 
Company, some of which are not yet settled. Draw- 
baugh asserts that he perfected a telephone on the exact 
principles followed by Bell, as early as 1867, and oper- 
ating in the same way. Telephone statistics are meagre 
and difficult of access, excepting those of the American 
Bell Company, the principal organization in the world. 



MAVERICK NATIONAL BANK. 



157 



Telephone Statistics of the United States. 

The following figures, to December 31 of each year, 
were mostly furnished by the licensees of the American 
Bell Telephone Company : — 





1886. 


1885. 


1884. 


1883. 


Capital stock and invest- 










ment 


$54,186,11P 


$54,320,554 2 


$53,342,1413 


$49,953,352 


Aggregate capital, . 


53,535,021* 


53,53V264" 


61,490,751" 


- 


Total gross i arnings, 


10.883,361* 


10,066,6403 


9,050,21*; 


7,931,079 


Total expenses, 


6,838,171* 


6,462,8435 


5,755,415" 


5,017,141 


Total net earnings, . 


4,045,182* 


3,603,796* 


3,294,803" 


2,963,506 


Per cent, <xpense to 










gross earnings, 


62.83* 


64.206 


63.69« 


- 


l*er cent, net earnings to 










capital, .... 


7.56* 


6.73* 


6.48 


~ 



Sixty- two companies. 2 Sixty-three companies. 
Forty-seven companies. 8 Forty-six companies. 



3 Sixty-four companies. 
6 Forty-five companies. 



On the above basis, the entire telephone business of 
the United States is estimated as follows : — 








1886. 


1885. 


1884. 


Gross earnings, 


$11,150,000 


$10,440,000 


$9,500,000 


Expenses, 


7,000,000 


6,700,000 


6,050,000 


Net earnings 


4,150,000 


3,740,000 


3,450,000 


Aggregate dividends reported, 


2,703,483 


2,077,064 


1,921,239 


Gross ex-territorial receipts, . 


557,293 


544,716 


512,034 


Number toll stations, .... 


3,944 


4,007 


3,341 


Number toll private line stations, etc., 


16,121 


13,994 


12,868 


Total stations 


167,133 


155,751 


151,056 


Length cables in use, feet, 


1 ,059,731 


738,678 


582,442 


Number extra-territorial lines, 


911 


931 


826 


Miles extra-territorial pole lines, . 


31,143 


31,395 


25,766 


Miles extra-territorial wire lines, . 


43,767 


42,461 


35,631 



158 



MAVERICK NATIONAL BANK. 



Average Calls in Exchanges, and Average Cost to 
Subscriber per Connection. 





1886. 


1885. 


1884. 




Calls. 


Cost, 
Cents. 


Calls. 


Cost, 
Cents. 


Calls. 


Cost, 
Cents. 


Exchanges of 100 or less subscrib- 














ers, - 


4.6 


3.3 


4.4 


3.5 


4. 


4. 


1-xchanges of 100 to 200, 


5.3 


2.6 


4.75 


2.8 


4.56 


4.3 


Exchangee of 200 to 500, 


6.9 


2.6 


5.41 


2.4 


5.46 


3.1 


Exchanges of 500 to 1,000, . 


6.6 


3. 


6.8 


2.6 


5.59 


3.6 


Exchanges of 1,000 to 1,500, . 


6. 


4.4 


6.56 


3.4 


5.81 


3.6 


Exchanges of 1,500 or more, 


6.8 


4.1 


6.51 


4.1 


5.76 


5.8 


Total daily exchange connections 








in United States, .... 


856,454 


746,515 


697,966 


Total per year, ... 
Average daily number extra-ter- 


312,605,710 


272,478,705 


251,267,760 








ritorial messages, 


7,402 


6,933 


8,330 


Total yearly, 


2,701,730 


2,530,545 


2,998,800 


Total construction and investment 








account, Jan 1, 1883 (-44 com- 








panies), 


$33,865,061 


31,114,517 


28,209,866 


Added during year, 


1,696,316 


1,151,469 


2,363,787 


Total 


$35,561,367 


$32,266,469 


$30,593,653 



American Bell Telephone Co. , 1881-87. (Organized 
1880.) 





March 31, 
1887. 


Dec. 31, 
1886. 


Dec. 31, 
1885. 


1884-83. 


1883-82. 


Exchanges and branch 












offices, 


1,182 


1,175 


1,203 


1,325 


1,070 


Total miles wire, . 


128,231 


114,046 


101,592 


85,896 


68,571 


Total >ubscrib<?rs, 


147,068 


137,750 


134,847 


123,625 


97,728 


Total employees . 


5,8-13 


5,438 


5,168 


8,762 


3,716 


Total instruments, 


- 


353,518 


330,040 


325,574 


298,580 


Total gross earnings, . 


- 


$3,097,000 


$2,765,884 


$2,295,594 


$1,516,031 


Total net income, 


- 


1,973,350 


1,809,996 


1,475,431 


972,044 



Electric Lighting in the United States. 
At the beginning of 1887 there were about 40 " parent " 
companies selling electric light apparatus in the United 
States. The total capital invested in producing electric 
light apparatus and in supplying electric light locally is 
estimated at from $100,000,000 to $125,000,000. There 



MAVERICK NATIONAL BANK. 



159 



are from 650 to 700 local electric lighting companies, and 
about 100 gas companies supplying electric light also. 

The demand for arc carbons is about 150,000 per day ; 
the production is over 200,000. The twelve companies 
made a combination in April, 1887, to maintain prices at 
$20 to $30 per 1,000. 

The growth of the electric (arc) lighting business has 
been very rapid of late years. It dates, practically, from 
1881-82. The following table shows the status of arc 
lighting : — 



Yeab. 


Thousands 
of Lights. 


Year. 


Thousands 
of Lights. 


1881-82, .... 

1882, 

1883 


6 
12 
24 


1884 

1885 

1886 (estimated) , . 


48 
96 
150 



The business is increasing at the rate of 40,000 to 
50,000 arcs per year. 

There are over 750,000 incandescents in the United 
States. In April, 1887, the Edison system was in use in, 
or under contract for, 90 central stations having a dynamo 
capacity of nearly 300,000 lamps, or 400,000 to 450,000 
in use. In isolated Edison plants the growth has been 
as follows : — 



Yeab. 


Thousands. 


Ykae. 


Thousands. 


1881, 

1882, 

1883, 


5 
29 
64 


1884 

1885 

1886, 702 plants, . 


98 
132 
181 



The other incandescent systems are credited with 
200,000 to 250,000 lamps. 

The New York rate for arc lights of 2,000 candle- 
power in 1886 was seventy cents per night. Competition 
has cut this to fifty cents in 1887. 



160 MAVERICK NATIONAL BANK. 

In January, 1886, the central station capacity in sixty 
large cities was nearly forty thousand arc lights. In 
over eighty other cities and towns the average was one 
hundred and fifty arc lights ; and nearly seventy more 
ranged between fifty and one hundred. In the United 
States are over forty thousand isolated arc lights. 

America utilizes fifteen thousand to twenty thousand 
horse power from turbines in electric lighting. 

In the Equitable Building, New York, is a plant of 
five thousand 16 candle power incandescents and fifty of 
100 candle power. It has seven 600-light dynamos. 
There are about thirty miles of cable and wire. 

About one hundred thousand arc lights are burning 
nightly in America. They burn about three hundred 
and twenty-nine nights yearly. The earnings average 
about forty cents nightly. This would yield $13,160,000 
a year. Allowing seventy-five per cent, expenses, this 
would be S3, 290,000 on a capital of about $35,000,000, 
or not quite ten per cent, per annum. Many commercial 
lights are not used steadily. The above applies to arc 
lighting. The local incandescent companies also gener- 
ally pay dividends of five to fifteen per cent. 

Authentic figures show that arc lights furnish at least 
four times the light of gas, at two- thirds the expense. 
Incandescents cost as follows: At the Anamosa, la., 
penitentiary, a 16 candle power lamp costs. 2451 cent per 
hour ; oil and candles, .552. At the School for the Blind, 
Lansing, Mich., ninety-eight lamps of 16 candle power, 
one hour, including interest, cost 18J- cents. In the Pub- 
lic Printing Office, Washington, the cost per 16 candle 
power lamp (Edison) per hour is 0.67 cent. At the 
Missouri Institution for the Deaf and Dumb, Fulton, Mo., 
the incandescent costs about the same as gas, at $1 per 
thousand feet. 

Arcs of 1,200 to 2,000 candle power are generally used 



MAVERICK NATIONAL BANK. 161 

on the street, but Edison "Municipal" and other incan- 
descents are being introduced. 

The Westinghouse Company has lately installed several 
thousand " alternating" system incandescent lights, with 
41 converters," for which immense economy is claimed. 
At Plainfield, N. J., the charge for lights as operated by 
this system is $35 per year for eight 16 candle power in 
residences. 

Commercial incandesceDts are now made of £ to 150 
candle power. Some lamps up to 400 candle power have 
been made and used. A 2,000 candle power arc light 
requires a trifle less than 1 horse power. In incandescent 
lighting, from eight to ten lamps of 16 candle power to 1 
horse power are guaranteed. The life of incandescent 
lamps averages from 600 to 800 or 1,000 hours ; but they 
often last 2,000 and 3,000 hours. Incandescents, with 
suitable protection, are now run on the arc circuits. Thus 
at Hoboken, N. J., on the Thomson-Houston circuits 16 
candle power incandescents are run on the arc mains at a 
charge of 50 cents per month per lamp. 

Train Electric Lighting. — During 1886, incandescent 
lights fed from secondary batteries have been introduced 
on several railroads in New York and New England, and 
the work is growing. The cost per lamp of 16 candle 
power per hour is about one-half cent. From twelve to 
twenty- four lamps are used in a car, and the necessary 
batteries weigh only about one thousand pounds. 

Electric Railways. 
There are three systems of applying electric power to 
the operation of railways : 1 . Electric current conveyed 
from the dynamo to the cars by a wire overhead upon 
which rides a small metallic carriage connected with the 
cars by wires ; 2. Current conveyed by a third rail or by 
an underground conduit, reaching the motor in the car by 



162 * MAVERICK NATIONAL BANK. 

means of a collecting wheel or brush in contact with the 
electrical conductor; 3. Current supplied by storage 
cells charged with electricity and carried in the cars. 

Foreign Electric Railways. 

Europe has now eleven electric railways. These have 
all been built within eight years. 

At Kew Bridge, London, the electric motor is employed 
upon the Acton tramways. Power is supplied by 50 
storage cells carried under the car seats. With about 5 
tons total weight, and about 8 horse power developed, 50 
persons are carried at the rate of 6 miles per hour. 

At the Industrial Exhibition at Berlin, in 1879, Dr. 
Werner- Siemens built an electric circular narrow-gauge 
railway 2,700 feet long. Three cars now run, carrying 
25 passengers, at a speed of 15 to 20 miles per hour. 
Mr. Reckenzaun has experimented successfully upon 
street cars driven by a storage battery. The estimated 
expense of this system is about one-half that of direct 
horse power. It was tested at Berlin in December, 1885. 
At Berlin an electric railway, 1^ miles long, was built in 
1884, having 2 motor cars, and carrying 100,000 passen- 
gers per year. 

At Vienna, a Siemens railway was built, 2.8 miles long, 
with 12 cars, which carries 340,000 passengers a year. 

At Breuil, France, an electric motor line has been 
operated since March, 1882. The train consists of an 
electric locomotive weighing 2,000 pounds, a tender with 
Faure accumulator weighing 1,500 pounds, and cars each 
of which when loaded weighs about 1,700 pounds, the 
total weight of train being about 7 tons. 

One mile of electric railway has been in operation at 
Brighton, England, since 1883. It draws 2 cars, and 
carries 250,000 passengers per year. Another, at Bess- 
brook, upon which are drawn 6 carriages, weighing 2 tons 



MAYERIOK NATIONAL BANK. 163 

each, hauls a train carrying 34 passengers, at a rate of 15 
miles per hour. Power is supplied by dynamos moved by 
water power. At Blackpool, England, a line 2 miles 
long was opened in September, 1885. It is operated by 
two 25 horse power stationary engines, which develop a 
sufficient current to move 10 cars and 400 passengers. 
Cost of line, $55,000. It carries 300,000 passengers per 
year. 

At the Antwerp exhibition, in 1885, careful tests were 
made upon tramway motors of different kinds, and elec- 
tric motors obtained the highest prize. A road at Frank- 
fort, 4 miles long, hauls 14 cars, and carries 990,000 
passengers a year; at Zankerode (mine), 1882, 2,370 
feet double track, 16 freight cars, 300 tons daily ; Hohen- 
zollern (mine), 1884, 2,460 feet, 15 cars, 300 tons daily; 
Portrush, 1883, 6 miles, 4 cars, 100,000 passengers a 
year ; Besspool, 1885, 3 miles, 8 cars, 300,000 passen- 
gers yearly, and 30,000 tons freight. A road in the 
Austrian Alps, 15 miles long, to cost $350,000, has been 
chartered. 

Tram cars, run by accumulators, or upon the electrical 
storage system, are in use at Hamburg, Germany, built 
1886, 2 cars ; Brussels, 1887, 5 cars ; also for handling 
coal at the collieries of Drybrook, England. 

Electric Railways of the United States. 
The United States has also from ten to twelve electric 
railway systems. The first was put in operation at 
Chicago in February, 1883, length, 400 feet. A street 
railway 3,000 feet long was operated by electric motor at 
Toronto, Canada, in 1884. Others, at South Bend, Ind., 
2£ miles; New Orleans, 1885, J mile; Minneapolis, 
Minn., 1885; Montgomery, Ala., 1885, 11 miles, 18 
cars ; Detroit, at Highland Park, 1886, 3^ miles, 2 cars, 



164 MAVERICK NATIONAL BANK. 

200,000 passengers a year ; Dix Eailroad, Detroit, Sept. 
1, 1886, If miles, 4 cars, 300,000 passengers; Win- 
sor, Can., 1885, 2 miles, 2 cars, 200,000 passengers 
yearly; Appleton, Wis., 1886, 4£ miles, 8 cars, 400,000 
passengers; Port Huron, Mich., 1885, 4 miles, 8 cars, 
75,000 passengers yearly ; Scranton, Pa., 1886, 3|- miles, 
3 cars, 300,000 passengers; Philadelphia, 1886, 2,600 
feet of street railway at Ridge Avenue, Schlesinger 
system; Baltimore, Md., 1885, 2 miles, 5 cars, 200,000 
passengers carried in 1886 ; Denver, Col., 1886, 3£ miles, 
7 cars, 300,000 passengers; Los Angeles, Cal., 1887, 3 
miles, 8 cars ; Lima, O., 3 miles, 6 cars ; Richmond, Va., 
11 miles, 40 cars; Binghamton, N. Y., 1887, 4-£ miles, 
5 cars ; San Diego, Cal., 9 miles, 4 cars ; Ansonia, Conn., 
3J- miles ; St. Joseph, Mo., 20 cars. Orange, N. J. ; 
Harrisburgh, Pa, ; Woonsocket, R. I. ; Kansas City ; 
Pittsburgh ; New York City ; Mansfield, O. ; Wichita, 
Kan.; San Francisco; and Ithaca, N. Y., also have 
systems. 

The total of passengers carried in the United States by 
electric street railways now reaches over 3,000,000 yearly. 
The length of track operated approximates 50 miles, with 
over 75 motors and cars running. The roads in con- 
struction will double these figures during 1887. The 
total cost of furnishing power with direct supply of cur- 
rent does not exceed $2.50 to $3 per day per car. 
With storage batteries it is about $4 to $5. The total 
cost of horse cars per day is $6.50 to $9.50. 

Work is also being done outside of the street railway 
department. A road has been put in operation in a 
Boston sugar refinery, and another, 6,000 feet long, has 
been constructed in a mine, the train hauled being 15 
to 20 loaded cars. 



MAVERICK NATIONAL BANK. 165 

Chronology of Electrical Science. 

1600 to 1887. 

1600.— Dr. William Gilbert published his book " De Magnete," marking 
the birth of the science. 

1660. — Otto Von Guericke, inventor of the air pump, made the first fric- 
tional electric machine. 

1720-29. — Stephen Grey, London, improved conductors and insulators. 

1733. — Dufay made the distinction between "vitreous" and "resinous" 
electricity. 

1745. — Discovery of the Leyden jar by Dean Von Kleist and others. 

1747. — Discharge of Leyden jar transmitted a considerable distance. 
Franklin began studying electricity. 

1749. — Franklin conceived the identity of the "electrical fluid" with lightning. 

1752. — Franklin's suggested experiment of drawing electricity from the 
clouds first made. 

1753. — The practicability of the electric telegraph first hinted at. 
1783. — Volta invented the condenser. 

1786-89- — Galvani's discovery of galvanic action. 

1800. — Discovery of Volta's battery, producing current through chemical 
action. 

1800. — Coxe, of Pennsylvania, invented a rude system of telegraphy. 

1801. — Gautherot discovered that the electrodes through which the current 
of a primary battery had been discharged became capable of producing a current. 

1802. — Ritter made the first secondary battery. 

1808- — Davy batteries gave the first display of the electric light. 

1819. —Oersted discovered the principles of electro-magnetism. 

1820. — Ampere enunciated the fundamental principles of electro-dynamics. 

1821. — Seebeck discovered the thermo-electric battery. 
1824. — Sturgeon made the first electro-magnet. 

1829. — Electro-magnet, improved, exhibited by Professor Henry. 

1831. — Faraday discovered "induction," or the production of electricity by 
magnets, on which all modern electrieal engineering is based. He made the first 
"dynamo." 

1832. — Pixii made the first practical magneto-electric machine. Baron 
Schilling showed a working of telegraph with thirty-six needles. 

1833. — Gauss and Weber set up a successful telegraph line at Gottingen. 

1833. — First rotary electric motor described. 

1834. — Davenport made and used the first American electric motor. 

1835. — Professor Henry worked a short telegraph at Princeton. 

1836. — Daniell, in England, invented his famous battery. Cooke and 
Wheatstone established a needle electric telegraph system in England. Stein- 
heil used the earth as a return circuit for telegraph. 

1838. — Jacobi propelled a boat by electric motor and primary batteries. 

1839. — Jacobi, Spencer, and Jordan describe methods of electrotyping. 

1840. — Wright's electrotyping process patented in England. Morse, reduc- 
ing telegraph to practicability, took out his first patent in United States. Pho- 
tographs taken by Prof. B. A. Silliman, Jr., and Dr. W. H. Goode by the electric 
(arc) light; current produced by a battery of 900 cells. 

1841. — De Moleyns patented in England a lamp in which a platinum wire in 
an exhausted glass globe was coated with particles of plumbago. 

1842. — The celebrated Bunsen battery was invented. Grove made his well- 
known " gas battery " with platinum plates, giving a secondary current. Tele- 
graph poles first used in England. 

1843. — Morse obtained an appropriation of $30,000 for a telegraph. 



166 MAVERICK NATIONAL BANK. 



1844. — Morse'i first line built, —"Washington to Baltimore. Foucault in- 
vented a practical form of arc light. 

1845-46. — Starr, of Cincinnati, invented an incandescent lamp in which a 
thin strip of graphite was held between clamps affixed to a porcelain rod ; the 
rod was suspended by a platinum wire sealed in the globe.. He proposed to light 
cities by electric lamps on towers. Electric light (arc) used at the Paris opera. 

1848. — Archereau applied the important detail of the solenoid to arc lamps. 

1850. — First cable between Dover and Calais. 

1851. — Professor Page with his motor made a trip with a car from Washing- 
ton to Bladensburg. 

1854-55.— Hjorth, of Denmark, patented devices for augmenting currents 
by reaction of electro-magnets on each other. 

1856. — Werner Siemens brought out his armature for dynamos. 

1857. — De Changy invented a system permitting the divisibility of the cur- 
rent for lighting. 

1858. — First Atlantic cable laid. 

1859. — Plante finds lead the beBt metal for secondary batteries and covers 
the surface with the peroxide by the primary current. 

1860. — Pacinotti, in Italy, made continuous current dynamos, which he used 
as motors. 

1861. — Kirchhof, in America, makes secondary batteries of alternate plates 
of spongy lead and peroxide. 

1862. — Electric light installed in Dungeness (England) lighthouse, June 6. 

1865. — Second Atlantic cable. 

1867. — Siemens and Wheatstone enunciate clearly the principle of converting 
mechanical energy into electrical in the dynamo. 

1869-71. — Gramme invented his celebrated dynamo for continuous currents. 

1872. — Duplex system of telegraphy invented. 

1873-76. — Lodyguine, Koun Kosloff and Bouliguine, in Russia, put in opera- 
tion crude incandescents, having carbons in vacuo, contained in glass globes 
variously sealed. 

1873. — At the Vienna Exposition a Gramme dynamo used as a motor 
worked a pump, the current being transmitted 1,400 yards. 

1874. — Edison produced his quadruplex telegraph system. 

1876— A. G. Bell exhibited his telephone at the Centennial Exhibition. 

1879. — Edison's incandescent lamp patented. Sawyer showed an incan- 
descent in which the carbon was placed in nitrogen to prevent combustion. 
Notable exhibition of plowing with electric motors, —six acres in six hours, — 
power transmitted one mile. Siemens and Halske started a practical railway at 
Berlin in 1879. 

1880. — Swan exhibited his incandescent with a carbon filament. 

1881. — Faure produces his celebrated secondary battery, in which the active 
material is mechanically applied. 

1882. — The first Edison central station for general incandescent lighting 
started in New York City, September. Deprez at the Munich Exposition made 
the first long-distance transmission of power electrically, — 37 miles. 

1883. — Prof. Fleeming Jcnkin brought out his system of "telpherage," or 
electric transmission of passengers and freight, using suspended wires as tracks 
for the cars. 

1884. — Electric power stations (Daft system) established in New York and 
Boston, distributing current to motors widely scattered. 

1885. — The Julien electric car with storage batteries, at the Antwerp Exhi- 
bition awarded the first prize for railway service. 

1886.— The Edison and Phelps systems of telegraphing to and from moving 
trains brought into use. 



CHAPTER XIV. 



BOSTON STATISTICS. 



Valuation, Debt, Appropriations, and Tax Rate, by Years — Building Permits 
Issued. — Passenger Travel in and out of Boston. — Travel to New York. — 
Travelling Distances from Boston. — Sailing Distances. — Shipping Arri- 
vals. — Leather and Wool Statistics. 



Valuation and Tax Rate. 
The following table shows the valuation of the city, 
gross funded debt, annual appropriation, and tax rate 
since 1874 (county debt included with 1886) : — 





Valuation. 


(iross Funded 
Debt. 


Annual 

Appropriation 
Order. 


Tax 
Rate. 


1874, 






$798,755,050 


$42,890,785 77 


$12,146,643 


$15 CO 


1875, 








793,961,895 


43,414,829 99 


11,104,805 


13 70 


1876, 








748,996,210 


43,848,835 73 


10,180,887 


12 70 


1877, 








686,840,586 


43,590,497 30 


10,267,258 


13 10 


1878, 








630,446,866 


42,457,022 47 


9,555,892 


12 80 


1879, 








613,322,692 


42,359,816 23 


9,133,429 


12 50 


1880, 








639,462,495 


42,030,125 36 


10,190,387 


15 20 


1881, 








665,554,597 


40,949,332 18 


10,475,817 


13 90 


1882, 








672,497,962 


40,079,312 04 


11,054,535 


15 10 


1883, 








684,432,671 


41,184,358 12 


11,214,269 


14 50 


1884, 








682,6*8,000 


43,185,669 07 


12,666,095 


17 00 


1885, 








685,404,600 


42,962,180 02 


10,608,100 


12 80 


1886, 








710,581,700 


43,803,322 04 


10,553,690 


12 70 


1887, 








- 


48,774,962 00 


11,229,094 


- 



168 



MAVERICK NATIONAL BANK. 



Building Permits Issued. 





Brick, 

Stone, and 

Iron 

Building 

Permits. 


Wooden 
Building 
Permits. 


Estimated 
Cost of 
Brick 

Buildings. 


Estimated 
Cost of 
Wooden 

Buildings. 


Estimated 

Cost of 

Additions 

and Repairs. 


1871, .... 


245 


272 








1872, 








974 


1,051 


7,043,318 


3,147,535 


- 


1873, 








646 


903 


16,001,225 


2,000,440 


— 


1874, 








520 


1,278 


14,211,120 


2,586,615 


- 


1875, 








348 


709 


8,308,700 


2,237,820 


1,410,518 


1876, 








200 


532 


5,343,575 


1,383,555 


1,355,446 


1877, 








265 


532 


4,283,775 


1,048,590 


1,114,290 


1878, 








187 


473 


2,628,225 


819,430 


852,333 


1879, 








203 


575 


- 


- 


1,606,768 


1880, 








309 


494 


1,490,100 


474,752 


1,327,230 


1881, 








308 


787 


1,521,852 


686,643 


935,765 


1882, 








235 


841 


4,932,640 


2,379,278 


1,607,051 


1883, 








236 


1,005 


5,864,577 


1,670,806 


2,386,226 


1884, 








312 


1,123 


5,400,775 


3,078,145 


1,983,287 


1885, 








348 


1,372 


6,218,800 


4,552,538 


2,560,212 


1886, 




346 


1,353 


8,813,100 


3,992,792 


3,064,813 



Boston Passenger Travel, Year ending Sept. 30, 1886. 

Passengers to and from Boston. 

Northern Roads. 





Inward. 


Outward. 


Total. 


Increase 
over 1885. 


Per 
Cent. 


Boston & Maine, Eastern, . 
Boston & Lowell, 
Fitchburg, .... 
Revere Beach (narrow 
gauge), .... 


5,496,045 
2,385,116 
1,513,882 

840,092 


5,511,934 
2,337,886 
1,508,761 

823,184 


11,007,979 
4,723,002 
3,022,643 

1,663,276 


554,142 
442,497 
500,786 

232,914 


^ 


Total, .... 


10,235,135 


10,181,765 


20,416,900 


1,730,339 


9 26 





Southern IIoads 








Boston & Albany, 
Old Colony, 
N. Y. & New England, 
Boston & Providence, 


2,944,147 
2,501,309 
1,156,751 
2,269,165 


2,944,546 
2,528,734 
1,112,812 
2,321,323 


5,888,693 
5,030,043 
2,299,563 
4,590,488 


319,251 
341,774 

251,845 
366,018 


- 


Total 


8,871,372 


8,937,415 


17,808,7S7 


1,278,888 


7.74 


Total for nine roads, . 


19,106,507 


19,119,180 


38,225,687 


3,009,227 


8 54 



The total passenger traffic of the nine steam railroads was 38,225,687; of 
which the northern roads carried 2,606,113 more than the southern roada. 



MAVERICK NATIONAL BANK. 



169 



Number of Trains in and out of Boston. 
Northern Roads. 





Winter. 


Sttmmks. 


Average 
Number 




Daily. 


Sunday. 


Daily. 


Sunday. 


Passen- 
gers to 
a Train. 


Boston & Maine, Western 
Division, . 

Eastern Division; 

Boston & Lowell, 

Fitchburg, .... 

Boston, Revere Beach, & 
Lynn, .... 


114 
98 

147 
98 

53 


36 
24 
30 
32 

26 


116 
118 
152 
100 

65 


34 
49 
32 
33 

43 


j 153 

98 
93 

85X 


Totals 


510 


148 


651 


193 


107.4 



Southern Roads. 



Boston & Albany, 


135 


32 


135 


32 


134 


Old Colony, 


106 


14 


119 


20 


142K 


New York & New England, 


51 


10 


51 


10 


140 


Boston & Providence, 


101 


13 


101 


13 


143 


Total, .... 


394 


69 


406 


75 


139.9 


Total for nine roads, . 


904 


217 


957 


268 


123.6 



Paying Passengers between Boston and New York. 

Year ended Sept. 30, 1884, 673,000 

Year ended Sept. 30, 1885, 837,465 

Year ended Sept. 30, 1886 990,000 

The freight transported by rail lines between Boston 

and New York in 1885 amounted to 1,103,483 tons. 

The Metropolitan Steamship line also carried 220,000 
tons. 



170 



MAVERICK NATIONAL BANK. 



Travelling Distances from Boston. 





Eoute. 


Miles. 


Albany, N. Y 


P. «A., 


202 


Atlanta, Ga., . 








Pied. Air Line, .... 


1,085 


(i << 








At. Coast L., . . . . 


1,207 


Atchison, Kan., 








C, B. &Q., . 


1,505 


Baltimore, Md., 






. 


Phil., W. &B. 


403 


Bangor, Me., . 






. 


Eastern, 


245 


Bar Harbor, Me., 








Eastern, 


294 


Buffalo, N T., 








N. Y. Central, . . . . 


500 


Burlington, la., 








C.,B &Q. 


1,242 


Burlington, Vt., 








Cen. Vt., . . . . . 


246 


Butte City, Mon., 








N. P 


2,704 


Charleston, S. C, 








At. Coast L., . 


1,021 


Cheyenne City, Wj 








U. P., 


2,043 


Chicago, 111., . 








Mich Cen., 


1,036 


it << 








L. Shore 

Fitch., W. S. & B , and G. T., . 

N. Y., Ch. & St. L. (Nickel PI.) , 


1,040 
1,003 
1,023 


" " 








Penn., 

Cen. Vt. and Gr. Trunk, . 


1,129 
1,171 


<< « m 








Erie 


1,204 


it ti 








B. &0. 


1,257 


Cincinnati, 0., 








Penn 


974 


Cleveland, 0., 








L. Shore, 


683 


Columbus, 0., 








Penn 


854 


Concord, N. H., 








B. &L., 


75 


Denver, Col., . 








C, B. &Q 


2,089 


<< << 








U. P 


2,096 


Des Moines, la., 








C, R.I.&P 


1,394 


Detroit, Mich., 








Mich. Cen., .'.... 


751 


Dubuque, la., . 








Ch., Mil. & St. P 


1,221 


Duluth, Minn., 








N. W. and Ch , St. P., M. & 0., 
Wis. Cen. and N. P., . 


1,458 
1,543 


Fall River, Mass., 








O. Col., 


51 


Fargo, Dak., . 








N. W. andN. P., 


1,721 


Galveston, Tex., 








via New Or., . 

At. & G. Col and S. F., . 


2,005 
2,443 


Halifax, N. S., 








E. and Me. Cen., . 


736 


Harrisburg, Pa., 








Penn., 


413 


Hartford, Conn., 








N. Y. & N. E , . 

B. & A. and N. Y., N. H. & H., 


117 
125 


Helena, Mon , 








N P 


2,601 


Indianapolis, Ind., 








CI., Col., C. &I, 


966 


Jacksonville, Fla., 








At. Coast L., .... 


1,294 


Kaisas City, Mo., 








St. Louis & M. P., 

C, B.&Q 


1,514 
1,523 


Law/?nce, Mass., 








B &M., 


27 


Leadville, Col., 








U. P., 


2,261 


Leavenworth, Kan 


, 






St. Louis & M. P 


1,534 


Little Rock, Ark., 








Mem. & L. R., . 


1,606 


Liverpool, Eng , 








from Boston direct, . 

via New York 


2,826 
3,213 


London, Eng., 








from Boston via Liverpool, 


3,027 


Los Angeles, Cal., 








A., T. & Santa Fe, 


3,293 


Louisville, Ky., 








Ciu.L. &N. Or, 


1,084 


Lowell, Mass., 








B. &L 


26 


Lynn, Mass., . 








Rev. B., 

Eastern, 


10 
11 


Manchester, N. H., 








B &L., 


67 


Memphis, Tenn., 








L. &N., 


1,461 


Mexico, City of, 








At. & Mex. Cen., 
Houston & Mex. Nat.,* 


3,887 
3,243 



Not yet completed. 



MAVERICK NATIONAL BANK. 



171 



Travelling Distances from Boston — Concluded. 





Route. 


Miles. 


Milwaukee, Wis 


Ch., Mil. & St. P., . 


1,121 


(i (< 




, . 


Ch. & N. W., 






1,121 


Minneapolis, Minn., 






Ch. & N. W., 






1,455 


Mobile, Ala., . 




. 


Pied. & W. Ala., 






1,450 


Monterey, Mex., . 






Mex. N., via Houston, 






2,523 


Montgomery, Ala., 






Pied. & W. Ala., 






1,270 


Montreal, P. Q., . 




. 


Cen. Vt., 






334 


Nashua, N. H., 






B. &L., 






40 


Nashville, Tenn., . 






L. & N., 






1,269 


Newark, N. J., 






Penn., . . 






226 


New Haven, Conn., 






N. Y. & N. E , . 






153 


it ii 






B. & A. and N Y., N 


'h. 


&H.[ 


161 


New Orleans, La , . 






Pied & W.Ala , 






1,591 


New York, 






N. Y. &N.E. and Ah 
Fall R. L., . 
Shore L., 
B.&A.,andN.Y.,N.l 


Lin 
I.&] 


e, 

a.R.', 


217 
230 
234 
236 


Omaha, Neb., . 






Ch., Mil. & St. P., 
Ch. & N. W., 
Ch. & R. L, . 
C, B. &Q., . 






1,526 
1,528 
1,539 
1,544 


Ottawa, Can , . 






Can. P., 






454 


Paterson, N. J., 






N. Y., L. Erie & W., 






234 


Philadelphia, Pa., . 






Penn., . 






307 


Pittsburgh, Pa., 






Penn., . 






661 


Portland, Me., 




• 


Eastern, 
B. & M., 






108 
116 


Portland, Or , . 






N. P 






3,358 


Providence, R. I., . 






B. & P., 

N.Y. &N.E., . 






44 

47 


Quebec, . 






Passumpsic, . 






417 


Queenstown, Ire., . 






Cunard, 






2,740 


Quincy, 111., . 






C, B. &Q., . 






1,240 


Richmond, Va., 






R., F. & P., . 






559 


Rochester, N.Y., . 






N.Y. Cen., . 






430 


Sacramento, Cal., . 






Ch. & N. W. and U. P 






3,304 


Salt Lake City, Utah, 






U.P, . 






2,597 


San Francisco, Cal., 






Ch. & N. W. and U. P 


, 




3,393 


Santa Fe, N. Mex., 






A., T. &S.F., . 






2,358 


Savannah, Ga., 






At. Coast L . 






1,122 


Seattle, Wash., 






N. P., . 






3,689 


St. John, N.B., . 






Eastern and Me. Cen., 






458 


St. Louis, Mo., 
<< << 






Ind.&St. L., 

Penn. and Vandalia, . 

Ch. & Alton, 






1,231 
1,282 
1,319 


<< << 






B. & 0., 






1,337 


St. Paul, Minn., '. 






Ch. & N. W., 
Ch., Mil. & St. P., 
Ch,B.&N., 
Wis. Cen., . 






1,445 
1,446 
1,467 
1,498 


Syracuse, N. Y., 






N.Y. Cen., . 






349 


Toledo, 0., . 






L. Shore, 






796 


Topeka, Kan., 






A., T. &SF., . 






1,555 


Trenton, N. J., 






Penn 






274 


Vicksburg, Miss., . 






via Montgomery, . 






1,548 


Washington, D. C., 






P., W. & B. and B. & , . 




443 


<< <« 






P.,W. &B. andB. & P., . 




446 


Winnipeg, Man., . 






Can. P. 




1,757 


Worcester, Mass., .... 


B. & A. 




44 



Distances due west are reckoned by B. & A., N. Y. Cen., and Mich. Cen. 
lines. Distances south-west, by N. Y. & N. E. Air Line and N. Y., N. H. & 
Hart., via New York. 



172 



MAVERICK NATIONAL BANK. 



Sailing Distances from Boston. 





Nautical Miles. 


Statute Miles. 


Cape Clear 


2,600 


2,994 


Liverpool, . 














2,870 


3,305 


Scilly Islands, . 














2,712 


3,122 


London, 














3,082 


3,519 


Glasgow, . 














2,748 


3,164 


ITavre, 














2,967 


3,417 


Brest, . 














2,765 


3,184 


Cape Finistere, . 














2,740 


3,155 


Lisbon, 














2,810 


3,236 


Cape St. Vincent, 














2,860 


3,293 


Cadiz, . 














3,000 


3,455 


Gibraltar, . 














3,060 


3,524 


Carthagena, 














3,290 


3,788 


Valencia, . 














3,430 


3,950 


Barcelona, . 














3,560 


4,099 


Fayal, 














1,960 


2,257 


Madeira, 














2,650 


3,051 


Cape Verde, 














3,240 


3,731 


St. Helena, 














5,020 


5,781 


Cape Good Hope, 














6,820 


7,855 


Rio Janeiro, 














4,832 


5,564 


St. Thomas, W. L, . 














1,500 


1,727 


St. John, Porto Rico, 














1,480 


1,704 


Havana, 














1,380 


1,589 


Bermuda, . 














685 


786 


Cape Ilatteras, . 














567 


659 


('ape Farewell, Greenland, 










1,657 


1,908 


Reikiaviig Road, Iceland, 


2,341 


2,696 



Arrivals at Boston from Foreign Ports. 



Calendar Yeaes. 


Steam- 
ers. 


Ships. 


Barks. 


Brigs. 


Schoon- 
ers. 


Sloops. 


Total. 


1872, 


139 


117 


455 


608 


1,918 


_ 


3,237 


1873, 






160 


76 


386 


537 


1,768 


- 


3,927 


1874, 






225 


55 


319 


440 


1,512 


- 


2,551 


1875, 






155 


56 


285 


413 


1,243 


- 


2,152 


1876, 






169 


32 


206 


316 


1,311 


- 


2,034 


1877, 






238 


42 


256 


332 


1,405 


- 


2,273 


1878, 






296 


28 


215 


335 


1,300 


- 


2,174 


1879, 






310 


37 


166 


316 


1,524 


- 


2,353 


1880, 






442 


20 


366 


342 


1,955 


- 


3,125 


1881, 






462 


37 


324 


333 


1,959 


- 


3,115 


1882, 






481 


22 


353 


336 


1,770 


- 


2,961 


1883, 






551 


19 


304 


319 


1,541 


- 


2,734 


1884, 






576 


12 


240 


243 


1,450 


5 


2,526 


1885, 






522 


20 


224 


204 


1,492 


8 


2,470 


1886, 






580 


21 


257 


210 


1,571 


8 


2,647 



MAVERICK NATIONAL BANK, 



173 



Receipts of Leather at Boston. 





Sides. 


Bundles. 


1877, 


1,788,902 


780,565 


1878 


1,851,059 


794,203 


1879 


1,899,435 


996,889 


1880, 


2,053,549 


935,988 


1881, 


2,539,184 


978,347 


1882 


2,853,042 


1,021,926 


1883, 


3,287,036 


1,057,033 


1884 


2,587,124 


1,050,910 


1885, 


3,218,520 


1,008,549 



Boots and Shoes Shipped from Boston. 





Cases. 




Cases. 


1877 


1,758,025 


1882, 


2,413,531 


1878 


1,648,724 


1883 


2,556,033 


1879 


1,959,577 


1884 


2,516,048 


1880 


2,263,890 


1885 


2,672,532 


1881 


2,307,731 


1886 


2,874,172 



Boston Receipts of Foreign and Domestic Wool. 





Domestic. 


Foreign. 




Bales. 


Bales. 


1877 


262,169 


46,425 


1878 


255,931 


30,833 


1879 


360,411 


69,307 


1880 


323,579 


86,932 


1881 


394,142 


43,625 


1882 


425,300 


57,168 


1883 


446,050 


57,012 


1884. . 


431,919 


56,852 


1885 


488,558 


66,536 


1886, 


472,954 


96,024 



174 



MAVERICK NATIONAL BANK. 



The Boston Stock Market. 

Highest and Lowest Prices of Stocks and Bonds for Ten 
Years Prior to Jan. 1, 1887. 

Mining Stocks. 





1877. 


1878. 


1879. 


1880. 


1881. 


Cal. and Hecla, . 


162} 


190* 


174* 


185 


170* 


295* 


200 


260* 


201 


258? 


Franklin, . 


8 


14? 


5 


8 


4 


31 


10j 


50 


10 \ 


18* 


Osceola, 


17 


30 


9 


17 


10 


35 


30* 


48* 


28* 


40 


Quincy, 


32 


49? 


10* 


41? 


10 


33* 


22 


46 


31* 


51* 





1883. 


1883. 


1884. 


1885. 


1886. 


Cal. and Hecla, . 
Franklin, . 
Osceola, 
Quincy, 
Tamarack, . 


231* 
10 
30* 
40* 


255 
17 

38* 

70 


230* 

9 

17* 

40£ 


253 
15? 
33 

63* 


124 

5? 

8 

26 


240 

HI 
17| 

48* 


135* 

8 
26* 
33 


225 
13 
15 
55 
90 


210* 
8* 
10 
45 
85 


231 

17* 

37 

64* 
110 



* Ex div. 



Land Stocks. 





1877. 


1878. 


1879. 


1880. 


1881. 


Aspinwall, . 
Boston, 
Brookline, . 
East Boston, 
Maverick, . 
Water Power, . 


2| 

9? 
1* 


4 

141 
6* 


1? 

1.40 
8* 

1.03 J 


4 

21 
9| 

2* 


2| 
If 
9 
5 


12f 
?l 

17 
8h 
13* 


5f 
3* 

P 

6| 


12 

6* 
16 

Of 
18| 


7 

I! 

10 

21 

5* 


8| 
11* 

6| 
161 

44 
15 





1882. 


1883. 


1884. 


1885. 


1886. 


Aspinwall, 


5 


7 


4 


5 


4 


4 


4 


5.061 


4* 


9 


Boston, 


6 


H 


2* 


0? 


4 f 
21 


0* 


H 


H 


6 


5* 


Brookline, . 


2* 


4* 


2.811 


n 


2rf 


4 


3* 


East Boston, 


8 


10 


5 


8 


5 


5 


5 


6 


5 


Maverick, . 


IS 


2* 


1 


2 


1 


1? 


1 


« 


11 


3* 


San Diego, . 






- 


- 


4 


18 


10 


67* 


35 


140 


Water Power, . 


2* 


6j 


2 


41 


U 


3 


21 


61 


3* 


6 



MAVERICK NATIONAL BANK. 



175 



Railroad Bonds. 





"— ■ K — 

1877. 


1878. 


1879. 


1880. 


1881. 


Atchison 1st 7s, . 
Atlantic & Pacific 6s, 
Atlantic & Pacific In- 
come 6s, . 
Eastern 6s (3*s to Sep 
'79), . . . 
Kan.Cy.S.J.&C.BJs 
L. R. & Ft. Smith 7s, 
M ex. Central lets, 
N. M. & So. Pac. 7s, 
Og. &Lake Champ. 6s, 
Og.&LakeChamp.inc. 
Pueb. & Ark. Val.7s, 
Rutland 5s, 
Sonora 7s, . 
Wis. Central lsts, 
Wis. Central 2ds, 


85 
48 \ 

771 


93* 

54 

85 


89} 

521 
75 

98} 

82 
35 


109| 

74f 
92l 
61 

1011 

104* 
63 


109} 

65 
80 
42 

100 
95 

1035 

39 


115 

85 

107 
863 

104} 
100 

109| 

67* 


112 

821 
106 
84 

104} 

98 

35 
107} 

571 

49| 

30 


124| 

105 
123 
111 

116| 
103 

38 
118 

80 

80 
57* 


119} 

100 

30 

103 
116 
110 

86* 
114 
102 

36 
116} 

741 

89 

75 

45 


126* 
103g 

61 

112 
124* 
119 
95 
122| 

1073 

77 
123* 
85 
94 
80 
66 





1882. 


1883. 


1884. 


1885. 


1886. 


Atchison 1st 7s, 


116 


121* 

98} 


118 


122* 


117} 


1223 


121J 


126 


123* 
80* 


128 


Atlantic & Pacific 6s, 


91 


91 


98 


713 


94 


693 


84* 


89jf 


Atlantic & Pacific In- 






















come 6s, . 


14(j 


37 


173 


36| 


9* 


23 


13* 

27* 


27} 


20 


27f 
69* 


Cal. South'rn Incomes 


70 


87 


50 


70 


20 


42* 


50 


35 


Eastern 6s (3*s to Sep. 






















'79), 


1043 


no* 


1083 


113* 


107 


116* 


115* 


123 


121* 


135* 


Kan.Cy.S.J.&C.B.7s 


1123 


118 


1093 


118 


112 


120* 


118* 


124* 


122 


127* 


L. R. & Ft. Smith 7s, 


106 


112* 


70 


106 


80 


99* 


99 


113} 


113 


118* 


Mex. Central lsts, 


65 


89 


56± 


753 


27 


63} 


33| 


59* 


35} 


60* 


Mes. Central inc., 


19 


32 


10} 


22* 


6} 


16J 


6 


16i 


53 


22 


Mex. Cent. 10s, scrip, 


- 


- 






51 


89* 


61 


100* 


55 


92 


Mex. Cent, deb 10s, . 














55 


97 


53 


86* 


N. M. & So. Pac. 7s, 


110 


116 


111* 


116* 


1093 


119 


1183 


124 


123 


1283 


N.Y.&N.E. 6s,2ds, 


- 


- 


- 


- 


- 


- 


80 


109? 


108 


117* 


Oregon Sh. Line 6s, . 


97* 


105* 


903 


99} 


65 


95 


84* 


973 


953 


106 


Og.&Lake Champ. 6s, 


103 


104 


100 


1033 


100 


1013 


101 


106 


103 


107* 
47* 


Og.&LakeChamp.inc. 


25 


47 


15* 


35 


15 


23 


1 14 


36 


26 


Pueb.& Ark. Val. 7s, 


1113 


117 


112 


116* 


1103 


119jj 


118* 


123 


122* 


1273 


Rutland 5s, 


64 


793 
108} 


55 


65* 


60 


72* 
100* 


66* 


84 


81 


99| 
107* 


Sonora 7s, . 


84 


96* 


105^ 


80 


94 


104* 


98* 


Wis. Central lsts, 


75 


80 


773 


84 


76 


83 


743 
33* 


88 


86 


95 


Wis. Central 2ds, . 


42 


50 


40 


55 


32 


44* 


52* 


35 


59* 



176 



MAVERICK NATIONAL BANK, 



Railroad Stocks. 





1877. 


1878. 


1879. 


1880. 


1881. 


Atch.Top. & Santa F<§, 


10} 


16| 


83 


94 


813 


124g 


1133 


152* 


92* 


154} 


Boston & Albany, . 


112it 


128 


1173 


132* 


129 


141 


138 


165 


158f 


175* 


Boston & Lowell, 


60 


75} 


56} 


80* 


58J 


87 


85f 


120 


100 


115} 


Boston & Maine, 


87 


100J 


96* 


110f 


108f 


120* 


119 


150| 


145 


165| 


Boston & Providence, 


101*t 


136} 


99f 


113 


101 


128 


126 


153 


153 


172} 


Chi., Bur. & Quincy, 


95t 


119 


99*f 


1133 


110| 


137*f 


113}f 


182* 


134J 


182* 


Chi. & West Mich., . 


- 


- 


- 


m 


m 


60 


50 


793 


72* 


96| 


Central Mass., com., . 


















20 


40 


Cin., San. & Cleve., . 


1 


4| 


H 


H 


3§ 


20 


9} 


20* 


18 


34 


Eastern, 


2* 


51 


41 


17 


10 


29 


24 


41* 


31 


55 


Fitchburg, . 


103 


117 


1101 1 


121* 


112 


124 


121 


145 


132*f 


154 


Flint & P. Mar. , com., 


- 


- 


- 


- 


ill 


13* 


13* 


263 


22 


40 


Flint&P.Mar.,pref., 


- 


- 


- 


- 


- 


- 


70 


83 


81 


106 


I. Falls & Sioux City, 


- 


- 


50 


54} 


47} 


52 


42 


65 


60 


93* 


K. C, Ft. Scott & Gulf, 


- 


- 


- 


- 


5 


35 


29 


74 


73 


101 


L. R. & Ft. Smith, . 


- 


- 


- 


8 


53 


37 


274 


66* 


59 


91* 


Maine Central, . 


- 


- 


- 


- 


26 


40} 


26 


38* 


34 


54 


N.Y.&N.Eng.,com., 


10 


14 


10 


34* 


29| 


54 


32| 


55* 


51 


86 


Old Colony, 


84} 


103* 


87 


103* 


95 


109J 


106| 


128} 


124* 


134 


Ports., Gt.Falls & Con. 


3 


4* 


1* 


11 


5 


133 


12 


35 


17* 


40 


Rutland, com., . 


- 


- 


75c. 


2 


1 


10j 


5 


93 


43 


8.433 


Rutland, pref., . 


5* 


103 


5 


9| 


6} 


30} 


22 


363 


24 


33 


Summit Branch, 


10 


20 


6* 


11 


6 


29 


8 


24 


8 


183 


Union Pacific, . 


59| 


73 


61} 


73 


65} 


94* 


81 


113} 


109* 


131 


Wis. Central, com., . 














2 


203 


18* 


39 


Wis. Central, pref., . 














5 


41* 


38 


59 



* Stock div. 50 per cent. 



| Ex div. 



\ Ex righti. 



MAVEKIOK NATIONAL BANK. 



177 



Railroad Stocks — Concluded. 





1883. 


1883. 


1884. 


1885. 


1886. 


Atch.Top.&SantaFe, 


78|* 


96* 


78 


86* 


59* 


80* 


63** 


89* 


84** 


100 


Atlantic & Pacific, . 


- 


- 


- 


- 


5 


10 


6j| 


H8 


7 


13* 


Boston & Albany, 


160 


175* 


167 


185 


150 


181* 


168 


181** 


178 


200* 


Boston & Lowell, 


98 


105 


89 


111* 


97? 


116 


100* 


123} 


118* 


136 


Boston & Maine, 


139* 


158| 


148? 


167 


145 


167 


166* 


185* 
185* 


181 


212 


Boston & Providence, 


156}* 


167 


160 


167? 


159 


173 


165 


185 


218 


Chi. & East Illinois, . 














55 


67* 


80 


105 


Chi., Bur & North'n, 














t 


t 


54 


97 


Chi., Bur. & Quincy, 


121* 


140g 
82} 


116 


129 


107** 


127? 


116* 
32* 


138 


129 


141* 


Chi. & West Mich., . 


59* 


40* 


62 


33 


48* 


54 


43* 


64} 
39* 


California Southern, . 


- 


- 




- 


1 


7 




14* 


9 


Central Mass., com., . 


2? 


22* 


1 


4 


1 


2 


7 


4* 


15} 


Central Mass., pref ., . 






- 


- 


10 


19 


10 


23 


20 


40* 


Cin.,6an &Cleve., . 


20 


30* 


16 


25 


10 


16 





19 


13 


If 


Cleve. & Canton, com., 














2* 


7 


3 


Cleve. & Canton, pref., 














16* 


25 


18 


29 


Eastern, 


30 


49* 


85 


51? 


29* 


51* 


43 


70* 
121* 


683 


129* 


Fitchburg, . 


124^ 


135| 


112 


129 


106? 


122 


108* 


115 


145 


Flint & P Mar., com., 


16* 


26 


20 


33* 


15? 


30* 


11* 


19 


17 


34* 


Flint & P. Mar., pref., 


90? 


103 


97? 


106* 
89* 


84 


105 


71 


92 


82} 
63* 


100 


I. Falls,& Sioux City, 


75* 


96* 


75 


69 


84 


60 


83* 


76* 


K.C., Ft. Scott & Gulf, 


69* 


85* 


62 


85 


74 


86* 


77* 


95** 


70 


80 


L. R. & Ft. Smith, . 


44 


70 


16 


41 


14 


24 


22* 


44} 


32 


51 


Maine Central, . 


38 


85* 


80 


93 


83 


98 


91 


125 


114 


150 


Mex. Central, . 


19 


33 


10 


22 


6 


17 


6 


15 


4 


14? 


N.Y.&N.Eng., com., 


43 


64 


17* 


53 


9 


IT* 


12* 


37| 


30 


68 


N.Y.&N.Eng., pref., 
Oregon Short Line, . 


- 


- 


- 


— 


- . 


- 


95 


111 


169* 


151* 














14? 


28 


21 


37} 


Old Colony, 


123? 


139 


131 


144 


131* 


149 


144* 


164 


159* 


184 


Ports . , Gt. Falls & Con . 


W* 


34* 


20 


41* 


16 


36 


33 


53 


54 


118 


Rutland, com., . 


2* 


5 


2* 


n 


2* 


31 

2l| 
151 

84* 


2* 


8 


4 


9? 


Rutland, pref., . 
Summit Branch, 


17 


28 


14 


21 


14 


15 


23 


20| 

44? 


39 


8 


16* 


4 


8 


4 


10 


15 


13 


Union Pacific, . 


98** 


120 


71* 


104$ 


28* 


41* 


62 


67? 


"Wis. Central, com., . 


12* 


21 


m 


25? 


T* 


14* 


10? 


24* 
371 


15 


26| 


Wis. Central, pref., . 


25 


35 


25 


33 


15 


26 


19 


25 


38 



Miscellaneous Stocks. 





1877. 


1878. 


1879. 


1880. 


1881. 


Am. Bell Telephone, 
Maverick Nat'l Bank, 
Pullman Palace Car, . 


145 1503 
65* 80 


140 
93 


150? 
100 


50 
142 
73* 


1,000 
190? 
108* 


76 
190? 
106* 


940 

226} 
145* 


90 

226} 
125* 


171 

255} 

151} 





1882. 


1883. 


1884. 


1885. 


1886. 


Am. Bell Telephone, 


124 


190 


180* 


299 


141 


275 


169** 


257 


156 


225 


N. Eng. Telephone, . 


- 


- 


- 


- 


17* 


50 


25 


36 


30 


46* 


Erie Telephone, 


- 


- 


281 


62 


135* 


158* 


18* 


32 


25* 


32** 
225* 


Maverick Nat'l Bank, 


220 


245 


217 


225 


220 


225 


220 


225* 


220 


Mexican Telephone, . 


3 


6* 


If 


4| 
134* 


1* 


2.93? 


1 


1? 


1 


2 


Pullman Palace Car, . 


119* 


145 


114 


94 


116** 


106|* 


136 


130 


147** 



* Ex div. 



t New. 



CHAPTER XV. 



MISCELLANEOUS STATISTICS. 



Copper. — Product of the World, Chili, and the United States. — Product of Lake 

Superior Mines. — Prices Ingot Copper, etc. 
Petroleum. — Its Early History. — American Production. — Exports. — Prices, 

etc. 
Business Failures, 1877-87 

Fire Insurance Statistics. — Life Insurance Business. 
Population of Cities of the World above 200,000. 
Investors' Stock and Bond Tables. 
Interest. — Laws governing Rates, and Statutes of Limitation. — Days of Grace 

and Damages — Legal Holidays. — Rules for calculating Interest. — Increase 

of Money at Simple and Compound Interest. 
Business Law in Daily Use. — Franklin's Business Maxims. 

Copper. 
America leads the world in the production of copper, 
the United States and Chili contributing nearly one-half 
of the world's supply. The product of the United States 
is now nearly double that of Chili, and has increased six- 
fold since 1860. In that year it was 5,388 tons ; in 
1870, 27,000 tons ; and in 1886, 72,848 tons, In 1850 
it was 650 tons. A single mine, the Calumet and Hecla, 
yielded in 1886 over thirty per cent, of the entire product 
of the United States, or over 25,000 tons. It has paid 
its stockholders $28,500,000 in dividends since 1869. 
Copper-mining is carried on in twenty-one States and 
Territories ; ore has been found in several others, and the 
industry is being rapidly developed. 



MAVERICK NATIONAL BANK 



179 



Copper Production of the World, 1879 to 18S6. 





1886.* 


1884. 


1882. 


1880. 


1879. 




Tons. 


Tons. 


Tons. 


Tons. 


Tons. 


Algiers 


_ 


260 


600 


500 


500 


Argentine Republic, 






- 


159 


800 


300 


300 


Australia, . 






9,000 


13,300* 


8,950* 


9,700 


9,500 


Austria, 






- 


400* 


455 


470 


245 


Bolivia, 






- 


1,300* 


3,259 


2,000 


2,000 


Cape of Gi-ood Hope, 






7,000 


5,000 


5,000 


5,038 


4,328 


Chili, . 






37,000 


41,648 


42,909 


42,916 


49,318 


Canada, 






1,000 


236 


221 


50 


50 


England, . 






3,000 


2,500* 


3,464 


3,662 


3,462 


Germany, . 






15,000 


14,782t 


13,316 


10,800 


9,000 


Hungary, . 






- 


500* 


976 


976 


976 


Italy, . 






1,000 


1,325 


1,400 


1,380 


1,140 


Japan, 






5,000 


6,000* 


2,800 


1,900 


1,900 


Mexico, 






- 


291 


401 


400 


400 


Newfoundland, . 






1,000 


668 


1,500 


1,500 


1,500 


Norway, 






- 


2,706 


2,590 


2,426 


• 2,412 


Peru, . 






- 


362 


440 


600 


600 


Russia, 






5,000 


4,000* 


3,000 


3,081 


3,081 


Sweden, 






- 


662 


798 


1,074 


800 


Spain and Portugal, 






45,000 


43,664f 


38,774 


35,474 


32,697 


United States, . 






70,000 


63,950 


39,300 


25,010 


23,350 


Venezuela, 






3,000 


4,600 


3,700 


1,800 


1,597 


Cape Breton, 






30,000 


- 


- 


- 


- 


Miscellaneous, . 






8,000 


- 


- 


- 


- 


Total, . 






210,000 


218,774 


181,438 


154,065 


151,989 



* Estimated. 



f Partially estimated. 



The new sources of copper supply discovered or opened 
up in 1886 are the Chief Boleo mines in Lower California, 
the Sudbury mines in Ontario, Can., and the Cape Breton 
mines in Nova Scotia. 



Coppek Production op the Woeld. 
Eight Years to January 1, 1887. In Tons. 



Year. 



1879 

1880, 
1881 
1882 
1883; 
1884 
1885 



151,989 
154,065 
163.030 
181,438 
198,341 
218,774 
223,427 
212,556 



Copper Production op Chili. 
Eight Years to January 1, 1887. In Tons. 



1879, 
1880, 
1881, 
1882, 
1883, 
1884, 
1885, 
1886, 



49,318 
42,916 
37,989 
42,909 
41,099 
41,648 
38,500 
35,025 



180 



MAVERICK NATIONAL BANK. 



Copper Production of the United States. 
Six Years to January 1, 1887. In Tons. 





1886. 


1885. 


1884. 


1883. 


1882. 


1881. 


Lake Superior, . 
Arizona, 
Montana, 
Other States and 
Territories, 


39,298 

7,143 

25,067 

1,340 


32,207 
10,137 
30,267 

1,439 


30,961 
11,935 
19,238 

2,574 


26,653 
10,658 
11,011 

3,252 


25,439 
8,029 
4,044 

2,956 


26,500 

4,000 

875 

4,475 


Totals, . 


72,848 


74,052 


64,708 


51,574 


40,468 


35,850 



Lake Superior Product, by Mines, 1870-1887. 

[Pounds Ingot Copper. 000 omitted.] 



Companies. 


1870. 


1881. 


1883. 


1883. 


1884. 1885. 


1886. 


Calumet and Hecla,* 


14,061 


31,360 


32,053 


33,125 


40,473 


47,247 


50,518 


Quincy,* . 


2,497 


5,702 


5,682 


5,549 


5,680 


5,848 


7,102 


Osceola,* . 






- 


4,179 


4,176 


4,256 


4,247 


|1,939 


3,944 


Franklin,* . 






1,178 


2,677 


3,264 


3,489 


3,748 


3,999 


5,606 


Atlantic,* . 






372 


2,528 


2,631 


2,682 


3,163 


3,582 


4,830 


Pewabic,* . 






546 


1,872 


1,482 


1,171 


227 


- 


- 


Allouez,* . 






- 


1,204 


1,683 


1,751 


1,932 


2,135 


2,174 


Central,* . 






1,327 


1,418 


1,353 


1,268 


1,446 


2,169 


- 


Copper Falls,* 






772 


722 


601 


832 


930 


1,168 


1,806 


Hancock, . 






407 


571 


540 


484 


562 


203 


- 


Mass, . 






3 


467 


737 


659 


481 


365 


- 


Phoenix,* . 






999 


409 


537 


512 


572 


344 


- 


Conglomerate, 






- 


386 


734 


222 


1,152 


- 


- 


Huron,* 






84 


254 


364 


720 


1,927 


2,258 


2,598 


Ridge, 

St. Clair, . 






245 


235 


102 


60 


74 


63 


- 






_ 


125 


87 


125 


175 


- 


- 


Cliff, . 






444 


79 


66 


10 


37 


- 


- 


Grand Portage, 






- 


26 


757 


735 


255 


- 


- 


Minnesota, . 






401 


24 


10 


6 


1 


12 


- 


Peninsula, . 






_ 


- 


- 


849 


1,223 


- 


— 


Other mines,}: 






J1.281 


369 


318 


756 


786 


§802 


1,422 


Total, in poi 


inds 




24,622 


54,414 


57,186 


59,268 


69,201 


72,139 


80,000 



* The returns of these mines are all official, 
t Mill running only six months. 
\ Fifteen different mines of small products. 

§ Of this the National produced 162,252 pounds, Tamarack (one month) 
181,669, and Wolverine 328,610 pounds. 

The Calumet and Hecla during five months of 1887 
produced 12,968 tons of copper against 13,249 tons for 
the same period in 1886. 



MAVERICK NATIONAL BANK. 



181 



Product of Lake Superior Mines. 

[In Ingot Copper and iti cash value, 1845 to 1886, inclusive.] 



Yeab. 


Tons. 


Value. 


Yeab. 


Tons. 


Value. 


Yeab. 


Tons. 


Value. 


1845-58, 


18,772 


$9,333,380 


1867, 


8,764 


$4,442,841 


1877, 


19,513 


$7,327,888 


1858, . 


4,580 


2,129,235 


1868, 


10,467 


4,940,424 


1878, 


20,846 


6,920,540 


1859, . 


4,464 


2,239,591 


1869, 


13,312 


6,230,016 


1879, 


21,426 


7,327,350 


1860, . 


6,034 


2,654,960 


1870, 


12,311 


5,096,752 


1880, 


24,869 


9,947,673 


1861, . 


7,519 


3,487,995 


1871, 


13,373 


5,728,485 


1881, 


27,270 


9,971,702 


1862, . 


6,793 


3,6°4,255 


1872, 


12,277 


7,979.400 


1882, 


28,578 


10,522,416 


1863, . 


6,493 


4,415,600 


1873, 


15,046 


8,726,100 


1883, 


29,836 


9,457,853 


1864, . 


6,246 


5,870,300 


1874, 


17,167 


8,009,356 


1884, 


34,600 


9,494,306 


1865, . 


7,179 


5,635,515 


1875, 


18,020 


8,120,626 


1885, 


35,649 


7,942,596 


1866, . 


6,875 


4,629,375 


1876, 


19,135 


7,998,430 


1886, 


40,000 


8,760,000 



Ingot Copper. 

Highest and Lowest Prices for Ten Years to Jan. I, 

1887, and Average Price for each Year. 



Yeab. 


Low. 


High. 


Av. Price 
for Year. 


1877 


17% 


20* 


18.80 


1878 


15K 


11% 


16.42 


1879, 


15# 


21% 


17.35 


1880 


18 


24* 


20.18 


1881 


16 


20* 


18.27 


1882, 


11% 


20^ 


18.41 


1883 


U% 


18 


15.85 


1884 


10% 


15 


13.72 


1885 


10% 


11* 


11.14 


1886 


10 


12* 


10.95 


1887 (5 months) 


9.90 


11.85 


10.87 



Chili Bars. — Price per Ton for Ten Years to Jan. I, 1887. 



Yeab (Jan. 1). 


London 
Prices. 


American 
Equiva- 
lent. 


Yeab (Jan. 1). 


London 
Prices. 


American 
Equiva- 
lent. 


1877, . 

1878, . 

1879, . 

1880, . 

1881, . 

1882, . 


£76.10 
65.15 
58.5 
65.15 
61.15 
71. 


$382.50 
328.75 
291.25 
328.75 
308 75 
355.00 


1883, 

1884, 
1885, 
1886, 
1887, 


£65. 
58. 
47. 
41. 
38.10 


$325.00 
290.00 
236.25 
205.00 
192.50 



182 MAVERICK NATIONAL BANK. 

Petroleum. 
Petroleum was known to exist in New York and Penn- 
sylvania long before it was practically utilized. The 
name "Oil Creek" was given to two branches of the 
Alleghany River in Alleghany County, N. Y., and Ve- 
nango County, Pa., because of the oil which, forcing an 
outlet through springs, was found on the surface of their 
waters. In 1845 it was struck in comparatively large 
quantities while boring for salt near Tarentum, thirty- 
five miles above Pittsburg, on the Alleghany River. The 
first movement toward obtaining a supply of it for illu- 
minating purposes was made in 1854 by Eveleth and 
Bissell 'of New York, who secured one of the springs on 
Oil Creek, Pa., and organized a company to work it ; but 
no progress was made until December, 1857, when one 
Bowditch and Col. E. L. Drake of New Haven began to 
search for oil. The latter moved to Titusville, Pa., and 
in the winter of 1858-59 began to bore through the solid 
rock. His apparatus was so defective that it was not 
until Aug. 26, 1859, that he struck oil at a depth of 
seventy-one feet. The honor of the discovery of the 
boring process has been much disputed, but a majority of 
people acquainted with the early history of the oil 
country agree in giving it to Colonel Drake. A boom 
was immediately started, and in 1860 there were two 
thousand wells, seventy-four of which produced 1,165 
barrels per day. The Cuba field, in Alleghany County, 
N. Y., was opened up Jan. 1, 1861. Petroleum has since 
been found to have a wide geographical distribution. It 
is found in West Virginia, Ohio, and in smaller quanti- 
ties in various Western States. In Russia and in most 
of the countries surrounding the Caspian Sea there are 
extensive fields, and oil is also found in India and Egypt ; 
but none is produced anywhere equal in quality to that 



MAVERICK NATIONAL BANK. 



183 



of the original Pennsylvania fields, and the frequent ad- 
ditions which have been made to them. 

The yearly and daily average production of petroleum 
from Aug. 26, 1859, to Jan. 1, 1877, were as follows : — 



Year. 


Total 
Barrels. 


Daily 
Average 
Barrels. 


Yeae. 


Total 
Barrels. 


Daily 
Average 
Barrels. 


1859, 
1860, 
1861, 
1862, 
1863, 
1864, 
1865, 
1866, 
1867, 






82,000 
500,000 
2,113,000 
3,056,000 
2,611,000 
2,116,000 
2,497,000 
3,597,000 
3,347,000 


1,369 
5,789 
8,372 
7,153 
5,797 
6,841 
9,854 
9,169 


1868, . 

1869, . 

1870, . 

1871, . 

1872, . 

1873, . 

1874, . 

1875, . 

1876, . 




3,583,176 
4,210,720 
5,673,195 
5,715,900 
6,531,675 
7,878,629 
10,950,730 
8,787,506 
9,175,906 


9,816 
11,536 
15,343 
15,660 
17,895 
21,585 
30.002 
24,075 
25,139 



The following table shows production, pipe-line deliv- 
eries, and export charters of petroleum, in barrels, from 
Jan. 1, 1877, to May 1, 1887 : — 

Production, Shipments, and Charters of Petroleum. 



Year. 


Total 
Production. 


Daily 
Aver- 
age. 


Total 
Shipments. 


Daily 
Aver- 
age. 


Total 
Charters. 


Daily 
Aver- 
age. 


1877, . 


13,940,171 


38,192 


_ 


_ 


. 




1878, 








15,164,462 


41,546 


13,750,000 


37,700 


9,538,400 


26,100 


1879, 








19,741,661 


54,086 


16,036,000 


43,900 


12,401,800 


33,707 


1880, 








26,562,000 


72,772 


15,765,800 


43,112 


8,785,000 


24,017 


1881, 








28,447,115 


77,934 


20,240,121 


55,320 


14,921,300 


40,858 


1882, 








31,059,165 


85,093 


22,094,300 


60,503 


14,349,600 


39,355 


1883, 








24,385,968 


66,093 


21,967,636 


60,131 


13,791,189 


37,707 


1884, 








23,691,264 


64,880 


24,053,902 


65,697 


14,469,107 


39,481 


1885, 








21,225,203 


58,145 


24,086,104 


66,006 


15,374,490 


42,080 


1886, 








21,036,765 


57,635 


26,213,852 


72,157 


13,801,746 


37,817 


1887 (4 months) , . 


6,554,313 


54,619 


8,144,082 


67,788 


4,205,825 


35,048 



"Runs" are receipts of the pipe lines, practically representing production; 
" shipments" are deliveries by the pipe Hues to refiners, etc. ; " charters " are 
equivalent to actual exports. 



The following table gives the fluctuations in market 
price per barrel of pipe-line certificates for nine years 
to Jan. 1, 1887: — 



184 



MAVEKICK* NATIONAL BANK. 













Petroleum Certificates. 






Year. 


Month. 


High. 


Month. Low. 


Fluctu- 1 Average 
ations. for Year. 


1878 
1879 
1880 
1881 
1882 
1883 
1884 
1885 
1886 












Feb., 

Dec, 

June, 

Sept., 

Nov., 

June, 

Jan., 

Oct., 

Jan., 


1.87 
1.28 
1.84% 
1.01% 
1.37 
1.24% 
1.15% 
1.12% 
.92% 


Sept., 

June, 

April, 

July, 

July, 

Jan., 

June, 

Jan., 

Aug., 


.78 
.63 

• 70% 

.72% 

.49% 

.83J£ 

.50% 

.68 

.59% 


1.09 
.65 
.53% 
.28% 
.87% 
.41% 
.64% 
.44^ 
.32% 


1.17 

.86 

.95 

.85% 

.79 
1.06 

.84 

.88% 

.71% 



The increase in the Russian petroleum exports during 
1885 and 1886 has been felt to some extent by the 
American oil trade. The shipping facilities at Batoum 
are good, but additional means of transportation is re- 
quired between that port and the Baku fields. A p 4 pe 
line has been discussed, but the government forbade the 
use of any material excepting Russian. The immense 
well reported at Bibi-Eibat, which opened with a flow of 
25,000 barrels per day, has entirely ceased to produce. 

The table below shows exports of petroleum products 
from Batoum in gallons, as follows : — 



Yeab. 


Total. 


Net Increase 
in 1886. 


1885 

1886 


31,639,925 
54,236,320 


25,959,010 



Business Failures, 1877 to 1886, inclusive. 





dumber in 


Number 




Average 


Proportion 




Business. 


Failures. 




Liabilities. 


Failures. 


1877, 


652,006 


8,872 


$190,669,936 


$21,491 


1 in 73 


1878, 






674,741 


10,478 


234,383,132 


22,369 


1 in 64 


1879, * 






702,157 


6,658 


98,149,053 


14,741 


1 in 105 


1880, 






746,823 


4,735 


65,752,000 


13,886 


1 in 158 


1881, 






781,689 


5,582 


81,155,932 


14,538 


1 in 140 


1882, 






822,256 


6,738 


101,547,564 


15,062 


1 in 122 


1883, 






863,993 


9,184 


172,874,172 


18,823 


1 in 94 


1884, 






904,759 


10,968 


226,343,427 


20,636 


1 in 82 


1885, 






919,990 


10,637 


124,220,321 


11,679 


1 in 86 


1886, 




969,841 


9,834 


114,644,119 


11,703 

I 


1 in 98 



MAVERICK NATIONAL BANK. 



185 



Fire Insurance. 
The following table shows the American business of 
the home and foreign fire insurance companies in this 
country : — 





, 














'"•x: j: 




a 










<D Jj 


t-> *■' 


°sS 




8 


Fire Risks 


Fire 

Premiums 


Fire 

Losses 


09 




fa i 


S3 

2c« 


Ybab. 


o 
u 


Written. 


Received. 


Paid. 


U, 50 

S-e a 


o 2 j£ 


m 


*a£ 




a '3 








O a) 


a J 

s J2s 














s a. 


In Millions 


In Millions 


In Millions 


list 


+3 o'CS 


853 


>^s 




fc 








M 


« 


«j 


<l 


1876, 


197 


$6,293 


$56 


$28 


50.52 


.4457 


224.34 


.8822 


1877 






276 


6,733 


55 


31 


56.63 


.4609 


216.96 


.8137 


1878 






332 


6,861 


52 


26 


50.67 


.3838 


260.51 


.7575 


1879 






307 


6,984 


54 


32 


5S.76 


.4516 


221.40 


.7686 


1880 






293 


7,835 


62 


34 


54.11 


.4278 


233.75 


.7904 


1881 






299 


8,582 


69 


39 


55.86 


.4491 


222.64 


.8040 


1882 






266 


9,456 


76 


44 


58.44 


.4686 


213.38 


.8019 


1883 






300 


10,308 


86 


50 


57.85 


.4S28 


207.11 


.8346 


1884 






293 


10,213 


90 


55 


61.40 


.5415 


184.67 


.8819 


1885 






308 


10,269 


93 


53 


57.69 


.5201 


192.26 


.9016 


1886 






306 


10,535 


95 


52 


54.34 


.4914 


203.47 


.9042 



Life Insurance. 

Summary of business for six years of all regularly 
organized life insurance companies (numbering 47) in 
the United States, 1879-1884 : — 

[000 omitted.] 



Yeab. 


! 


I 
| 

o 


.273 


00 C 

e | 
m § 

a to 

as 


i 

1 
li 


Policies in force 
end of Yeas. 


09 

-2 




No. 


Amount. 






H w 


H 


H 


s 


H 






< 


1879, . 


$53,977 


$79,929 


$59,239 


$9,547 


$70,604 


694 


$1,515,574 


$431,614 


1880, . 


55,249 


79,739 


55,020 


10,963 


69,418 


902 


1,578,904 


453,241 


1881, . 


58,781 


84,083 


55,703 


12,135 


70,806 


1,069 


1,676,926 


461,058 


1882, . 


64,131 


89,755 


55,800 


12,976 


71,354 


1,325 


1,798,148 


480,127 


1883, . 


69,894 


97,466 


59,447 


15,404 


77,798 


1,657 


1,959,567 


501,639 


1884, . 


75,603 


101,924 


61,216 


16,189 


81,811 


1,895 


2,093,492 


519,674 


1885, . 


83,879 


112,303 


64,447 


17,912 


86,205 


2,170 


2,300,070 


551,742 



186 



MAVERICK NATIONAL BANK. 



City Population 


[Aceording to the 


London, England, . 


3,832,441 


Paris, France, . 


2,269,023 


Canton, China (est.), 


1,500,000 


New York, United States, 


1,206,577 


Berlin, Prussia, 


1,122,330 


Vienna, Austria, . 


1,103,857 


Tschantshau-fu, China (est.) 


1,000,000 


Singau-fu, China (est.) , 


1,000,000 


Siangtau, China (est.), . 


1,000,000 


Tokio, Japan (est.), 


1,000,000 


Saitama, Japan, 


962,717 


Tientsing, China (est.),. 


950,000 


St. Petersburg, Russia, . 


927,467 


Philadelphia, United States, 


847,170 


Tschingtu-fu, China (est.), 


800,000 


Moscow, Russia, . 


748,000 


Calcutta, India, 


683,329 


Bombay, India, 


. 644,405 


Constantinople, Turkey (est.} 


, 600,000 


Bangkok, India (est.), . 


. 600,000 


Tschungking-fu, China (est ) 


600,000 


Hankow, China (est.), . 


600,000 


Foochow, China (est.), . 


600,000 


Brooklyn, United States, 


566,689 


Glasgow, Scotland, 


. 555.289 


Liverpool, England, 


552,423 


Chicago, United States, . 


503,185 


Sutschau, China (est.), . 


. 500,000 


Schaohing, China (est.), 


. 500,000 


Peking, China (est.), 


. 500,000 


Pekalongan, Java (est.), 


500,009 


Naples, Italy, . 


. 494,314 


Nangkin, China (est.), . 


450,000 


Birmingham, England, . 


. 400,757 


Hangtscheu-fu, China (est.) 


400,000 


Fatschau, China (est.), . 


400,000 


Yamanashi, Japan (est.), 


400,000 


Madrid, Spain, 


397,600 


Madras, India, 


. 397,552 


Manchester, England, . 


393,676 


Boston, United States, . 


390,406 


Warsaw, Poland, . 


. 383,973 


Brussels, Belgium, . 


377,084 


Lyons, France, . . 


. 376,613 



ABOVE 200,000. 




latest censuses.] 




Buda-Pesth, Hungary, . 


365,051 


Marseilles, France, 


. 360,099 


Jangtschau, China, 


. 360,000 


St. Louis, United States, 


350,518 


Baltimore, United States, 


332,313 


Amsterdam, Holland, . 


328,047 


Cairo, Egypt, . 


. 327,462 


Milan, Italy, . 


321,839 


Leeds, England, 


. 309,126 


Rome, Italy, . 


. 300,467 


Hamburg, Germany, 


289,859 


Lucknow, India, 


. 284,779 


Sheffield, England, 


284,410 


Osaka, Japan, . 


. 284,105 


Breslau, Prussia, . 


. 279,212 


Shanghai, China, . 


. 278,000 


Rio de Janeiro, Brazil, . 


. 274,972 


Copenhagen, Denmark, 


273,727 


Ning-Po, China, 


. 260,146 


"Wutschang, China (est.), 


. 260,000 


Cincinnati, United States, 


255,809 


Turin, Italy, . 


252,832 


Melbourne, Australia, . 


. 252,000 


"Weihein, China (est.), . 


250,000 


Taijuen-fu, China (est.), 


. 250,000 


Leinkong, China (est.), . 


250,000 


Seoul, Corea (est.), 


. 250,000 


Dublin, Ireland, 


. 249,486 


Barcelona, Spain, . 


249,106 


Lisbon, Portugal, . 


246,343 


Palermo, Italy, 


244,991 


Mexico, Mexico, 


236,500 


Taiwan-fu, China (est.), 


235,000 


San Francisco, United States 


233,959 


Munich, Bavaria, . 


230,023 


Tengtschau-fu, China (est.), 


230,000 


Kiota, Japan, . 


229,810 


Edinburgh, Scotland, 


228,075 


Bordeaux, France, . 


221,305 


Bucharest, Roumania, . 


221,000 


Dresden, Saxony, . 


220,818 


New Orleans, United States 


216,690 


Belfast, Ireland, 


207,671 


Bristol, England, . 


206,503 



MAVERICK NATIONAL BANK. 



187 



Rate of Income 

Realized on Bond Investments if Purchased at the Following 
Prices and Held to Maturity, at 5, 6, and 7 per Cent. 









1 Year to Ron. 


2 Years to Run. 


3 Years to Run. 


Price. 


Five 

per 

Cent. 


Six 

per 

Cent. 


Seven 
per 
Cent. 


Five 

per 

Cent. 


Six 
per 
Cent. 


Seven 
per 
Cent. 


Five 

per 

Cent. 


Six 

per 

Cent. 


Seven 

per 

Cent. 


$90, 


_ 


_ 


_ 


_ 


_ 


_ 


8.87 


9.94 


_ 


95, 






- 


- 


- 


7.74 


8.78 


9.81 


6.87 


7.90 


8.94 


98, 






7.11 


8.12 


9.14 


7.11 


7.09 


8.11 


5.73 


6.75 


7.76 


101, 






3.97 


4.96 


5.96 


4.47 


- 


6.46 


4.64 


- 


6.63 


103, 






1.97 


2.93 


3.91 


3.43 


4.42 


5.40 


3.93 


4.91 


5.90 


105, 






- 


-' 


1.93 


2.42 


3.39 


4.36 


3.24 


4.21 


5.18 


107, 






- 


- 


- 


1 - 


2.39 


3.35 


2.56 


3.52 


4.48 


110, 






- 


- 


- 


- 


- 


1.88 


1.57 


2.52 


3.46 


115, 






- 


- 


- 


- 


- 


- 


' " 


1.84 









4 Years to 


Run. 


5 Years to Run. 


6 Years to Run. 


Price. 


Five 
per 
Cent. 


Six 
per 
Cent. 


Seven 
per 
Cent. ; 


Five 
per 
Cent. 


Six 
per 
Cent. 


Seven 
per 
Cent. 


Five 
per 
Cent. 


Six 
per 
Cent. 


Seven 
per 
Cent. 


$80, . . . 


_ 


_ 


1 


_ 


_ 


_ 


9.44 


_ 


_ 


85, 






9.60 


- 


_ 1 


8.77 


9.87 


- 


8.22 


9.32 


- 


90, 






7.97 


9.03 


- 


7.43 


8.50 


9.56 


7.07 


8.14 


9.21 


95, 






6.44 


7.47 


8.50 


6.18 


7.21 


8.24 


6.00 


7.04 


8.07 


98, 






5.56 


6.58 


7.59 i 


5.46 


6.48 


7.49 


5.40 


6.41 


7.42 


101, 






4.72 


5.72 


6.71 ' 


4.77 


5.77 


6.76 


4.81 


- 


6.79 


103, 






4.18 


5.16 


6.14 


4.33 


5.31 


6.29 


4.43 


5.41 


6.39 


105, 






3.64 


4.62 


5.59 


3.89 


4.86 


5.83 


4.05 


5.03 


6.00 


107, 






3.13 


4.09 


5.05 


3.47 


4.42 


5.38 


3.69 


4.65 


6.61 


110, 






2.37 


3.31 


4.26 


2.84 


3.79 


4.73 


3.10 


4.10 


5.05 


115, 






- 


2.07 


2.99 


1.84 


2.77 


3.69 


2.31 


3.23 


4.15 


120, 






- 


- 


1.80 


- 


1.80 


2.70 


1.50 


2.40 


3.30 


125, 






- 


- 


- 


- 


- 


1.76 


- 


1.61 


2.49 


130, 






- 


- 


- 


- 


- 


- 


- 


- 


1.72 



188 



MAVERICK NATIONAL BANK. 



Rate of Income 

Realized on Bond Investments if Purchased at the Following 
Prices and Held to Maturity, at 5, 6, and 7 per cent. — Con. 









8 Years to Run. 


10 Yeaks to 


Run. 


13 Yeaks to Run. 


Price. 


Five 


Six 


Seven 


Five 


Six 


Seven 


Five 


Six 1 Seven 




per 


per 


per 
Cent. 


per 


per 


per 


per 


per per 




Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. J Cent. 


$71, . . . 


_ 


_ 




9.57 






9.00 






75, 






9.54 


- 


- 


8.81 


- 


- 


8.34 


9.54 


- 


78, 






- 


- 


- 


5.26 


9.45 


- 


7.87 


9.04 


- 


80, 






8.50 


9.65 


_ 


7.94 


9.09 


_ 


7.57 


8.72 


9.88 


85, 






7.53 


8.63 


9.74 


7.12 


8.23 


9.34 


6.86 


7.96 


9.08 


90, 






6.63 


7.70 


8.77 


6. £7 


7.44 


8.51 


6.19 


7.26 


8.34 


95, 






5.79 


6.82 


7.85 


5.66 


6.70 


7.73 


5.58 


6.61 


7.64 


98, 






5.31 


6.32 


7.34 


5.26 


6.27 


7.28 


5.34 


6.24 


7.25 


101, 






4.85 


5.84 


6.84 


4.87 


5.87 


6.86 


4.89 


5.88 


6.88 


103, 






4.55 


5.53 


6.51 


4.62 


5.60 


6.59 


4.89 


5.65 


6.63 


105, 






4.26 


5.23 


6.20 


4.38 


5.35 


6.32 


4.46 


5.43 


6.40 


107, 






3.97 


4.93 


5.89 


4.14 


5.10 


6.06 


4.25 


5.21 


6.17 


110, 






3.55 


4.50 


5.44 


3.79 


4.73 


5.68 


3.95 


4.89 


5.83 


115, 






2.89 


3.81 


4.73 


3.23 


4.15 


5.07 


3.46 


4.38 


5.30 


120, 






2.25 


3.15 


4.15 


2.70 


3.60 


4.49 


3.00 


3.90 


4.79 


125, 






1.66 


2.53 


3.40 


2.20 


3.08 


3.95 


2.57 


3.44 


4.31 


130, 






- 


1.93 


2.79 


1.72 


2.58 


3.43 


2.15 


3.00 


3.85 


135, 






- 


1.37 


2.20 


- 


2.10 


2.94 


- 


2.59 


3.42 


140, 






~ 


" 


1.64 


— 


— 


2.46 


- 


— 


3.00 









14 Yeaks to Run. 


18 Yeaks to Run. 


30 Yeaks to Run. 


Price. 


Five 


Six 


Seven 


Five 


Six 


Seven 


Five 


Six 


Seven 




per 


per 


per 


per 


per 


per 


per 


per 


Cent. 




Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


$71, 


8.60 


9.87 




8.09 


9.36 




7.91 


9.20 




75, 






8.00 


9.21 


- 


7.57 


8.79 


- 


7.42 


8.65 


- 


78, 






7.58 


8.76 


9.95 


7.20 


8.39 


9.59 


7.07 


8.27 


9.47 


80, 






7.31 


8.47 


9.63 


6.97 


8.14 


9.31 


6.85 


8.03 


9.21 


85, 






6.66 


7.78 


8.90 


6.42 


7.53 


8.66 


6.33 


7.46 


8.58 


90, 






6.07 


7.14 


8.22 


5.91 


6.98 


8.06 


5.86 


6.93 


8.01 


95, 






5.52 


6.55 


7.59 


5.44 


6.47 


7.51 


5.41 


6.45 


7.49 


98, 






5.20 


6.22 


7.23 


5.17 


6.19 


7.20 


5.16 


6.18 


7.19 


101, 






4.90 


5.89 


6.89 


4.92 


5.91 


6.91 


4.92 


5.91 


6.91 


103, 






4.71 


5.69 


6.67 


4.75 


5.73 


6.71 


4.92 


5.75 


6.73 


105, 






4.51 


5.48 


6.45 


4.59 


5.56 


6.52 


4.62 


5.58 


6.55 


107, 






4.33 


5.29 


6.24 


4.43 


5.39 


6.34 


4.47 


5.42 


6.38 


110, 






4.06 


5.00 


5.94 


4.20 


5.14 


6.08 


4.25 


5.19 


6.13 


115, 






3.62 


4.54 


5.45 


3.84 


4.75 


5.66 


3.91 


4.82 


5.73 


120, 






3.22 


4.11 


5.00 


3.49 


4.38 


5.27 


3.59 


4.48 


5.36 


125, 






2.83 


3.70 


4.56 


3.17 


4.03 


4.90 


3.29 


4.15 


5.01 


130, 






2.45 


3.31 


4.15 


2.86 


3.70 


4.54 


3.00 


3.84 


4.68 


135, 






- 


2.93 


3.76 


_ 


3.39 


4.21 


- 


3.54 


4.38 


140, 






- 


- 


3.39 


- 


- 


3.89 


- 


- 


4.06 



MAVERICK NATIONAL BANK. 



189 



Rate of Income 

Realized on Bond Investments if Purchased at the Following 
Prices and Held to Maturity, at 5, 6, and 7 per cent. — Con. 









26 Years to Run. 


30 Years to Run. 


35 Years to Run. 


Price. 


Five 


Six 


Seven 


Five 


Six 


Seven 


Five 


Six Seven 




per 


per 


per 
Cent. 


per 


per 


per 


per 


per per 




Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. | Cent. 


$71, 


7.57 


8.81 




7.43 


8.75 




7.31 


8.64 




75, 






7.13 


8.31 


_ 


7.01 


8.27 


_ 


6.91 


8.18 


- 


78, 






_ 


7.98 


9.25 


6.71 


7.93 


9.16 


6.62 


7.85 


9.09 


80, 






6.62 


7.76 


9.01 


6.53 


7.72 


8.93 


6.45 


7.65 


8.86 


85, 






6.17 


7.26 


8.43 


6.10 


7.23 


8.38 


6.04 


7.18 


8.33 


90, 






5.75 


6.81 


7.91 


5.70 


6.79 


7.88 


5.66 


6.75 


7.84 


95, 






5.36 


6.39 


7.44 


5.34 


6.38 


7.42 


5.32 


6.36 


7.40 


98, 






5.14 


6.15 


7.17 


5.13 


6.15 


7.16 


5.12 


6.14 


7.16 


101, 






4.93 


5.93 


6.92 


4.94 


5.93 


6.92 


4.94 


5.93 


6.92 


103, 






4.93 


5.78 


6.75 


4.81 


5.79 


6.77 


4.82 


5.80 


6.78 


105, 






4.67 


5.63 


6.60 


4.69 


5.65 


6.62 


4.71 


5.67 


6.63 


107, 






4.54 


5.51 


6.44 


4.57 


5.52 


6.47 


4.60 


5.54 


6.49 


110, 






4.35 


5.31 


6.22 


4.40 


5.33 


6.26 


4.44 


5.37 


6.29 


115, 






4.06 


5.00 


5.87 


4.12 


5.03 


5.93 


4.18 


5.08 


5.97 


120, 






3.78 


4.71 


5.54 


3.87 


4.74 


5.62 


3.94 


4.81 


5.68 


125, 






3.52 


4.43 


5.23 


3.63 


4.48 


5.32 


3.72 


4.56 


5.40 


130, 






3.28 


4.18 


4.94 


3.40 


4.23 


5.05 


3.50 


4.33 


5.14 


135, 






_ 


3.93 


4.66 


- 


3.99 


4.79 


- 


4.11 


4.90 


140, 






~ 


~ 


4.40 


~ 


~ 


4.54 


— 


~ 


4.67 











40 Years to Run. 


45 Years to Run. 


50 Years to Run. 


Price. 


Five 


Six 


Seven 


Five 


Six 


Seven 


Five 


Six 


Seven 




per 


per 


per 


per 


per 


per 


per 


per 


per 
Cent. 




Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


Cent. 


$71, . . . 


7.23 


8.58 




7.17 


8.54 


_ 


7.13 


8.51 


_ 


75, 








6.84 


8.12 


_ 


6.79 


8.08 


- 


6.75 


8.06 


- 


78, 








6.56 


7.80 


9.05 


6.52 


- 


9.02 


6.49 


7.74 


9.00 


80, 








6.39 


7.60 


8.82 


6.35 


7.57 


8.80 


6.32 


7.55 


8.78 


85, 








5.99 


7.14 


8.30 


5.96 


7.12 


8.28 


5.94 


7.10 


8.26 


90, 








5.63 


6.72 


7.82 


5.61 


6.71 


7.81 


5.60 


6.70 


7.80 


95, 








5.30 


6.35 


7.39 


5.29 


6.34 


7.39 


5.29 


6.33 


7.38 


98, 








5.12 


6.14 


7.15 


5.12 


6.13 


7.15 


5.11 


6.13 


7.15 


101, 








4.94 


5.94 


6.93 


4.95 


5.94 


6.93 


4.95 


5.94 


6.93 


103, 








4.83 


5.81 


6.78 


4.95 


5.81 


6.79 


4.95 


5.82 


6.79 


105, 








4.72 


5.68 


6.64 


4.73 


5.69 


6.65 


4.74 


5.70 


6.66 


107, 








4.62 


5.56 


6.51 


4.63 


5.58 


6.52 


4.64 


5.59 


6.52 


110, 








4.46 


5.39 


6.31 


4.48 


5.41 


6.33 


4.50 


5.42 


6.34 


115, 








4.22 


5.12 


6.01 


4.25 


5.14 


6.03 


4.27 


5.16 


6.05 


120, 








3.99 


4.86 


5.72 


4.03 


4.90 


5.75 


4.06 


4.92 


5.77 


125, 








3.78 


4.62 


5.46 


3.83 


4.67 


5.50 


3.87 


4.70 


5.52 


130, 








3.58 


4.40 


5.21 


3.64 


4.45 


5.25 


3.63 


4.49 


5.29 


135, 








_ 


4.19 


4.97 


_ 


4.25 


5.03 


- 


4.29 


5.07 


140, 








™ 


- 


4.76 


- 


- 


4.82 


~ 


~ 


4.86 



190 



MAVERICK NATIONAL BANK. 



Interest Rates and Statutes of Limitations in each 
State and Territory. 





Interest Laws. 




Statutes 


op Limitations. 






S3 








5 


i i 

£■£* 


ainst 
s of 
Per- 

'8. 


a 

i— i 


states. 


M 

r 




03 2 

eg 
a* 
I 
-a 

3 

'-a 


1 


e . 

3 03 

O S-, 

c 

a> 


a 

a> m 53 


[aims &g 
the Estate 
Deceased 
sons. Yeai 


-a 
c 
a 

ft" 




M 


fc 


o 


72 


o 


£"" 


Alabama, 


8 


8 


20 


6 


3 


10 


iy» 


6 


Arkansas, 


6 


10 


10 


5 


3 


5 


2 


3 


Arizona, 


10 


12 


5 


4 


4 


4 


10* 


3 


California, 


7 


_i 


5 


4 


2 


4 


10* 


3 


Colorado, 


10 


_i 


6 


6 


2 


6 


1 


6 


Connecticut, . 


6 


6 


17 


17 


6 


17 


1 


6 


Dakota. . 


7 


12 


10 


6 


6 


6 


_ 


6 


Delaware, 


6 


6 


20 


6 


3 


20 


1 


3 


Dist. of Columbia, 


6 


10 


12 


3 


3 


12 


_ 


3 


Florida, . 


8 


_t 


20 


5 


3 


20 


2 


3 


Georgia, 


7 


8 


20 


6 


4 


20 


1 


4 


Idaho, . 


10 


18 


5 


5 


4 


5 


_ 


3 


Illinois, . 


6 


8 


20 


10 


5 


10 


2 


5 


Indiana,. 


6 


8 


20 


10 


6 


20 


1 


6 


Iowa, 


6 


10 


20 


10 


5 


10 


1 


2 to 5 


Kansas, . 


7 


12 


5 


5 


3 


5 


3 


2 


Kentucky, 


6 


6 


15 


15 


5 


15 


- 


5 


Louisiana, 


5 


8 


10 


5 


3 


5 


- 


- 


Maine, . 


6 


_i 


20 


6 


6 


20 


2% 


6 


Maryland, 


6 


6 


12 


3 


3 


12 




3 


Massachusetts, 


6 


_i 


20 


6 


6 


20 


2 


2 to 6 


Michigan, 


7 


10 


10 


6 


6 


10 


4 


6 


Minnesota, 


7 


10 


10 


6 


6 


10 


2 


6 


Mississippi, . 


6 


10 


7 


6 


3 


6 


1 


6 


Missouri, • 


6 


10 


20 


10 


5 


10 


2 


3 


Montana, 


10 


-1 


6 


6 


3 


6 


- 


2 


Nebraska, 


7 


10 


5 


5 


4 


5 


IK 


3 


Nevada, . 


10 


_1 


6 


6 


4 


6 


10* 


4 


New Hampshire, . 


6 


6 


20 


6 


6 


20 


3 


6 


New Jersey, 


6 


6 


20 


6 


6 


16 


- 


4 


New Mexico, . 


6 


12 


15 


6 


4 


6 


2 


4 


New York, . 


6 


_3 


20 


6 


6 


20 


1 


6 


North Carolina, 


6 


8 


10 


3 


3 


10 


1 


3 


Ohio, . 


6 


8 


15 


15 


6 


15 


_ 


4 


Oregon, . 


8 


10 


10 


6 


6 


10 


- 


6 


Pennsylvania, 


6 


6 


20 


6 


6 


20 


- 


6 


Rhode Island, 


6 


- 1 


20 


6 


6 


20 


3 


4 


South Carolina, . 


7 


10 


20 


6 


6 


6 


- 


6 


Tennessee, 


6 


6 


10 


6 


6 


10 


• 7 


3 


Texas, . 


8 


12 


10 


4 


2 


10 


- 


2 


Utah, . 


10 


_i 


5 


4 


2 


4 


1 


3 


Vermont, 


6 


6 


8 


6 


6 


14 


- 


6 


Virginia, 


6 


8 


10 


5 


2 


20 


- 


5 


Wash. Territory, . 


10 


_i 


6 


6 


3 


6 


1 


3 


West Virginia, 


6 


6 


10 


10 


5 


20 


- 


5 


Wisconsin, 


7 


10 


20 


6 


6 


20 


- 


6 


Wyoming, 


12 


_i 


5 


5 


4 


5 


1 


4 



1 Any rate. 2 No usury ; but over six per cent, cannot be collected by law. 
8 New York has legalized any rate of interest on call loans of $5,000 and up- 
ward on collateral security. * Month*. 






MAVERICK NATIONAL BANK. 



191 



Days of Grace and Damages. 



Statb. 



Grace. 



Damages. 



Alabama, 

Arizona, 

Arkansas, 

California, 

Colorado, 

Connecticut, 

Dakota, . 

Delaware, 



Dist. of Columbia, 
Florida, . 
Georgia, . 
Idaho, . 
Illinois, . 
Indiana, . 
Iowa, 
Kansas, . 
Kentucky, 
Louisiana, 
Maine, . 
Maryland, 
Massachusetts, 
Michigan, 
Minnesota, . 
Mississippi, . 
Missouri, 
Montana, 
Nebraska, 
Nevada, . 
New Hampshire, . 
New Jersey, . 
New Mexico, . 
New York, . 
North Carolina, . 
Ohio, . 
Oregon, . 
Pennsylvania, 
Rhode Island, 
South Carolina, 
Tennessee, 
Texas, . 
Utah, . 
Vermont, 
"Virginia, 

Washington T'y, . 
West Virginia, 
Wisconsin, . 
Wyoming, 



Usual, 

Usual, except eight drafts. 

Usual, 

No grace, 

Usual, except sight drafts, 
Usual. 

Usual on all, 

Usual on all, except payable without 

time. 
Usual on all. 

Usual on all, 

Usual, except sight papers. 

Usual, 

Usual, except sight or demand, 
On all bills grace allowed, 

Usual on all, 

Usual on all, 

Usual on all 

Usual on all, except sight or demand, 

Usual on all, except demand. 

Usual on all, 

Usual on all, except on demand. 
Usual on all, except on demand. 
Usual on all, except on demand, 

Usual on all, ' 

Usual on all, except on sight, . 

Usual on all, except on sight. 

Usual on all. 

Usual on all. 

Usual on all, except on demand. 

Usual on all, except sight on bankers, 

No grace. 

Usual, except on sight, 

Usual on all, 

Usual, except bills on bankers. 
Usual, except sight or demand. 
Usual, except sight and on bankers, 
Usual, except sight, . 

Usual on all, 

Usual, except sight, . 

Usual on all, 

No grace, 

Usual, except sight or demand. 
Usual, except sight. 

Usual on all 

Usual, except sight. 

Usual, 

Usual on all. 



5 per ct. 

2 per ct. 
5 per ct. 

3 per ct. 

2 per ct. 



5 per ct. 

5 per ct. 
5 per ct. 

5 per ct. 

3 to 5 per ct. 

6 per ct. 

5 per ct. 
8 per ct. 



5 per ct. 
5 per ct. 
4 to 10 per ct. 



6 per ct. 
3 per ct. 



5 per ct. 
5 per ct. 
10 per ct. 
3 per ct. 
10 per ct. 
2>£ per ct. 



3 per ct. 
5 per ct. 



Legal Holidays in the States. 



Jan. 1. New Year's Day : in Alabama, California, Colorado, Connecticut, 
Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Michigan, 
Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, 



192 MAVERICK NATIONAL BANK. 



Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, 
West Virginia, and Wisconsin. 

Jan. 8. Anniversary or the Battle oe New Orleans: in Louisiana. 

Feb. 22. Washington's Birthday: in California, Colorado, Connecticut, 
Florida, Georgia, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mich- 
igan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, 
New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia, 
West Virginia, and Wisconsin. 

Feb. 22, 1887. Mardi-Gras : in Louisiana and the cities of Mobile, Mont- 
gomery and Selma, Ala. 

March 2. Anniversary op Texan Independence : in Texas. 

March 4. Firemen's Anniversary : in New Orleans, La. 

April 8, 1887. G-ood Friday: in Louisiana, Maryland, Minnesota, and 
Pennsylvania. 

April 21. Anniversary of the Battle op San Jacinto : in Texas. 

April 26. Memorial Day : in Georgia. 

May 30. Memorial Day: in California, Colorado, Connecticut, Iowa, 
Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode 
Island, Vermont. 

July 4. Independence Day : in all the States. 

First Monday in Sept. Labor Day : in Massachusetts and New York. 

Nov. 8, 1887. General Election Day : in California, Florida, Maryland, 
Missouri, New Jersey, New York, South Carolina, Texas, and Wisconsin. 

Nov. 24, 1887. Thanksgiving Day: in all the States. 

Dec. 25. Christmas Day: in all the States. 

Sundays and Fast Days (whenever appointed; are legal holidays in all the 
States. 



Short Method for Calculating Interest. 
Multiply the principal by as many hundredths as there 
are days, and — 

For 4 per cent., Divide by 90 



Example. — Interest ou S50 for 30 days at 4 per 
cent. : 50 X 30=1,500, which divided by 90=16| cents ; 
which is the required result. 



MAVEKICK NATIONAL BANK. 



193 



When Monet Doubles at Interest. 



Rate pee Cent. 


Common Interest. 


Compound Interest. 


2, 

3, 

4, 

5 

6, 

7 

8, 

9 

10, 


50 years, 

33^ years, . 

25 years, 

20 years, 

16% years, . 

14 years, 104 days, 

12>£ years, 

11 years, 40 days, 

10 years, 


35 years, 1 day. 
23 years, 164 days. 
17 years, 246 days. 
14 years, 74 days. 
11 years, 325 days. 
10 years, 89 days. 

9 years, 2 days. 

8 years, 16 days. 

7 years, 100 days. 



Business Law in Daily Use. 

The following compilation of business law contains 
the essence of a large amount of legal verbiage : — 



If a note is lost or stolen, it does not release the maker; he must pay it, if the 
consideration for which it was given and the amount can be proven. 

Notes bear interest only when so stated. 

Principals are responsible for the acts of their agents. 

Each individual in a partnership is responsible for the whole amount of the 
debts of the firm, except in cases of special partnership. 

Ignorance of the law excuses no one. 

The law compels no one Vo do impossibilities. 

An agreement without consideration is void. 

A note made on Sunday is void. 

Contracts made on Sunday cannot be enforced. 

A note made by a minor is void. 

A contract made with a minor is void. 

A contract made with a lunatic is void. 

A note obtained by fraud, or from a person in a state of intoxication, cannot be 
collected. 

It is a fraud to conceal a fraud. 

Signatures made with a lead pencil are good in law. 

A receipt for money is not always conclusive. 

The acts of One partner bind all the rest. 

"Value received " is usually written in a note, and should be, but is not nec- 
essary. If not written it is presumed by law, or may be supplied by proof. 

The maker of an " accommo'dation " bill or note (one for which he has received 
no consideration, having lent his name or credit for the accommodation of the 
holder) is not bound to the person accommodated, but is bound to all other par- 
ties precisely as if there was good consideration. 

No consideration is sufficient in law if it be illegal in its nature. 

Checks or drafts must be presented for payment without unreasonable delay. 

Checks or drafts should be presented during business hours; but in this coun 
try, except in the case of banks, the time extends through the day or evening. 



194 MAVERICK NATIONAL BANK. 



If the drawee of a check or draft haa changed his residence, the holder must 
use due or reasonable diligence to find him. 

If one who holds a check as payee or otherwise transfers it to another, he has 
a right to insist that the check be presented that day, or, at farthest, on the day 
following. 

A note endorsed in blank (the name of the endorser only written) is transfer- 
able by delivery, the same as if made payable to bearer. 



Ben Franklin's Words of Wisdom. 

Want of care does us more damage than want of knowledge. 

For want of a nail the shoe was lost, and for want of a shoe the horse was 
lost. 

For age and want save while you may, no morning sun lasts all the day. 

Experience keeps a dear school, but fools will learn in no other. 

Lying rides upon debt's back ; it is hard for an empty bag to stand upright. 

Creditors have better memory than debtors. 

Women and wine, game and deceit, make the wealth small and the want 
great. 

What maintains one vice would bring up two children. 

Plough deep while sluggards sleep, and you shall have corn to sell and to 
keep. 

Work to-day, for you know not how much you may be hindered to-morrow. 

Fly pleasure and it will follow you. The diligent spinner has a large shrift. 

Now I have a sheep and cow, everybody bids me good-morrow. 

Keep thy shop, aud thy shop will keep thee. 

If you would have your business done, go; if not, send. 

Who dainties love shall beggars prove. Fools lay out money and buy 
repentance. 

Foolish men make feasts, and wise men eat them. 

He that by the plough would thrive, himself must either hold or drive. 

The eye of the master will do more work than both his hands. 

Silks and Satins, Scarlet and Velvets, put out the kitchen fire. 

Always taking out of the meal tub and never putting in, soon comes to the 
bottom. 

Drive thy business, let not that drive thee. Sloth makes all things difficult, 
Industry all easy. 

Early to bed and early to rise makes a man healthy, wealthy, and wise. 

If you would know the value of money, try to borrow some. 
• When the well is dry they know the worth of water. 

Not to oversee workmen is to leave them your purse open. 

If you would have a faithful servant, and one that you like, serve yourself. 

By diligence and perseverance the mouse eat the cable in two. 

Diligence is the mother of good luck, and God gives all things to industry. 

Industry needs not wish, aud he that lives upon hope will die fasting. 

There are no gains without pains; then help, hands, for I have no lands. 

Buy what thou hast no need of, and ere long thou wilt sell thy necessaries. 

At a great pennyworth pause a while, many are ruined by buying bargains. 



C^LETOMuly, 1337, to Jui^e, 1553. 



JULY -1887. 


JANUARY -1888. 


s 


M 


T 


W 


T 


F 


S 


S 


M 


T 


W 


T 


F 


S 












1 


2 


1 


2 


3 


4 


5 


6 


7 


3 


4 


5 


6 


7 


8 


9 


8 


9 


10 


11 


12 


13 


14 


10 


11 


12 


13 


14 


15 


16 


15 


16 


17 


18 


19 


20 


21 


17 


18 


19 


20 


21 


22 


23 


22 


23 


24 


25 


26 


27 


28 


24 


25 


26 


27 


28 


29 


30 


29 


30 


31 










31 




'" 












-- 1 -- | -- 
1 








AUGUST. 


FEBRUARY. 


_ _ 


1 


2 


3 


4 


5 


6 








1 


2 


3 


4 


7 


8 


9 


10 


11 


12 


13 


5 


6 


7 


8 


9 


10 


11 


14 


15 


16 


17 


18 


19 


20 


12 


13 


14 


15 


16 


17 


18 


21 


22 


23 


24 


25 


26 


27 


19 


20 


21 


22 


23 


24 


25 


28 


29 


30 


31 








26 


27 


28 


29 








SEPTEMBER. 




MARCH. 












1 


2 


3 








__ 


1 


2 


3 


4 


5 


6 


7 


8 


9 


10 


4 


5 


6 


7 


8 


9 


10 


11 


12 


13 


14 


15 


16 


17 


11 


12 


13 


14 


15 


16 


17 


18 


19 


20 


21 


22 


23 


24 


18 


19 


20 


21 


22 


23 


24 


25 


26 


27 


28 


29 


30 




25 


26 


27 


28 


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30 



INDEX. 



Agriculture — In the U. S., 135-9. 

Products of, in United States, 135. 
American Bell Telephone Co., 158. 
Appropriations of Congress, Annual, 

17. 
Area of United States, 130-1. 
Armies of the World, 24. 
Artesian Wells, 40-1. 

Banks— Bonds, U. S , owned by, 15. 
Canadian, 64 
Clearing-houses, 91-7. 
Condition of, 71. 
France, Bank of, 62. 
German Bank, 63. 
Maverick National, 1, 73-8. 

Statement, March 31, 1887, 74. 

Statement, March 26, 1874, 75. 

Statement, March 30, 1864, 74. 

Telegraph Code, 75. 
Netherlands, Bank of, 63. 
National, Capital of, and Bonds 

owned by, 15. 
Profits of, 71-2. 

Rates of Interest of Foreign, 64. 
Savings-banks, 49-56. 

Connecticut, 55-6. 

Maine, 51. 

Massachusetts, 50. 

New York, 55-6. 

Rhode Island, 54. 

"Vermont, 53. 

Securities of, 50. 

Statistics of, 49. 
State Banks, 66-8. 
Stocks of Foreign Banks, 64. 
Banks and Banking, 57-8. 
Capital engaged in, 65. 
Early History, Banking, 57-8. 
English Banking, 58-62 
United States, in the, 65-78. 
Banking and Currency, 57-78. 
Bonds — Government, United States, 
3, 5, 12, 15. 

Issues of, 1861-71, 10. 

Highest and Lowest Prices, 11. 

Owned by National Banks, 15. 

Pacific Railroad, 13-14. 
Rate of Income on, 187-9. 
Water Works, 36-9. 



Boston— Building Permits issued, 
168. 

Clearing-house, 95-6. 

Commerce of, 172-3. 

Credit of, 33. 

Distances from, Land, 170. 
Water, 170. 

Railway Travel of, 168-9. 

Statistics of, 167-76. 

Stock Market and Quotations, 
174-7. 

Valuation and Taxes of, 167. 
Brooklyn — Credit of, 33. 

Bridge Traffic of, 41. 
Building Permits issued in Boston, 168. 
Business — Failures, 184. 

Law in Daily Use, 193. 

Cables, Submarine, 154-6. 

Capitalization of, 155. 
Cable Roads of the United States, 112. 
Calendar, 1887-8, 195. 
Calumet & Hecla, Mine, 178-80. 
Canada, Banks of, 64. 
Capital engaged in U. S. Banking, 65. 
Chili, Copper Product of, 179. 

Bar Copper, Prices of, 181. 
Chronology of Electrical Science, 

165-6. 
Cities — Credits of (U. S.), 33. 

Debts of (British) , 35. 

Debts of (U.S.), 32. 

Per Capita, 32. 
(British) per Capita, 35. 
Rate Interest paid on, 33. 

Growth of (U. S.), 34-107. 

Population of (U. S.), 32. 

Of World over 200,000, 186. 

Urban R. R.'s of the World, 107. 

N«jw York City, R. R.'s of, 109-110. 

London, Telegraphs of, 153. 
Clearing-Houses, Bank, 91-7. 

Boston, of, 95-6. 

Exchanges of, World, 97. 

History of, 91-2. 

New York, of, 91-2, 94. 

United States, of, 93. 
Coal — In the United States, 140-4. 

Great Britain, 145- 

Ocean Steamers, burned by, 128. 



198 



im>Ex. 



Coinage and Currency, 80 . 

Of U. S. Mints, 1886, 82. 
Coins — Foreign, Value of, 83. 

Legal Weight and Fineness (U. 
S.),82. 

Primitive, 79. 

Storage Space required for, 82. 
Commerce — Of Boston, 172-3. 

Nations, of all, 23. 

United States, of, 123. 
Commissions, R. R., of U. S., 114-17. 
Connecticut — Credit of, 31. 

Savings Banks of, 54. 
Construction — R. R., in United 
States, annual, 103. 

Telegraphs in U.'S., annual, 151. 
Copper, 178-181. 

Product United States, 178, 180-1. 
World, 179. 
Chili, 179. 

Lake Superior Mines, 180-1. 

Calumet & Hecla, 178, 180. 

Prices, Ingot, 181. 
Chili Bars, 181. 
Corn Product of United States, 135. 
Cotton — In the United States, 137. 

Consumption of, World, 138. 

Manufacture, in United States, 139. 

Prices in New York, 138. 
County Debts of United States, 32. 
Credits — Cities, of, 33. 

Nations, of all, 19-21. 

States, of, 31. 

United States, of the, 22. 
Currency — (Banking and), 57-78. 

Bank-notes (Legal Tenders and), 
84. 

Distribution of, in U. S., 86. 

(Coinage and), 80. 

Legal Tenders and Bank-notes, 84. 

United States, of the, 65-9, 72. 

Damages, 191. 

Days of Grace and Damages, 191. 
Debt — All Nations, Debts of, 23. 
Citie3, British, Debts of, 35. 
Foreign, Debts of, 35. 
United States, Debts of, 32. 
British, Debts per Capita, 35. 
U. S., Debts per Capita, 32. 
United States, Rate of Inter- 
est Paid on, 33. 
County, Debts of U S., 28-9. 
Early National Debts, 5. 
Public Debt, the, 18. 
State (United States), 27-34. 
Territorial (United States), 2S-9. 
U. S. National, 2, 3, 5-18. 

Analysis of, 1S60-86, 13-14. 
Annual Amount of, 8, 9-12. 

Reduction of, 8. 
Debt per Capita, 28-9. 
Rate of Interest on, 3. 
Designating Marks, Ocean Steamship 

Lines, 129 
Distances — From Boston, by Land 
and Water, 170. 
From New York to Foreign Ports 
by Water, 129. 



Electrical Development, 150-188. 

Science, Chronology of, 165-6. 
Electric Lighting, 158-161. 
Electric Railways, 161-4. 

In United States, 163. 

In Europe, 162. 
Elevated Railroads, 111. 
Exchange, Sterling, 118-23. 

N. Y. Quotations, 10 Years, 121. 

Review of Am. Market, 121-23. 
Expenditures -Annual, All Na- 
tions, 23. 

United States, 17. 
Exports — Petroleum, U. S., 183. 

From Russia, 184. 

Failures, Business, 184. 
Fire Insurance, 185. 
France, Bank of, 62. 
Franklin, Ben, Words of Wisdom of, 
194. 

Germany, Bank of, 63. 
Gold and Silver — Production of 
the United States, 88-90. 
Production of World, 87. 
United States Coins, Legal Weight 

and Fineness of, 82. 
Ratio of Silver to Gold, 90. 
Grace, Days of, 191. 
Grain— Crops of the U. S., 135. 
Wheat, World, 136. 
Chicago Prices, 136. 

Hog Products, United States, 135. 
Holidays, Legal, in U. S., 191-2. 
Horse Railroads, United States, 113. 

Immigration, 133-5. 
Income, Rate from Investments, 187. 
Ingot Copper, Prices of, 181. 
Insurance — Fire, 185. 

Life, 185. 
Interest — Legal Rates of States, 190. 

Rules for computing, 192-3. 

Tables, 187-9. 
Investments, Rate of Int. on, 187-9. 
Iron and Steel — Furnaces in United 
States, 149. 

Imports and Exports, 148-9. 

Pig Product, United States, 145-7. 

Rails, 143. 

Bessemer, 147. 

Shipbuilding, 124, 143-4. 

Land — In the United States, 130-3. 

Grants to Railroad Co.'s, 132. 
To States, 131. 

Public, Disposal of, 132. 
Law, Business, in Daily Use, 193. 
Legal — Rates Interest, 190. 

Tenders and Bank-notes, 83-4. 
Life Insurance, 185. 
Limitations, Statutes of, 190. 
Loans, U S Government, 6, 7, 9, 22. 

Maine — Credit of, 31. 

Savings Banks of, 51. 
Massachusetts — Credit of, 31. 

Savings Banks of, 50. 



INDEX. 



199 



Maverick National Bank— History 
of, 73. 

Statement, March 31 , 1887, 74. 

Statement, March 26, 1874, 75. 

Statement, March 30, 1864, 74. 

Telegraph Code, 75. 
Money, Paper, in United States, 85. 

Navies of the World, 31. 
Netherlands, Bank of the, 63. 
New York — City, Clearing-house of, 
91-2, 94. 
Credit of, 33. 
State, Credit of, 31. 

Savings Banks of, 55-6. 

Outlook, The, 1-4. 

Paper Money in the United States, 85. 
Petkoleum, 182-4. 

Certificates, Prices, 184. 

Production, and Trade in United 
States, 183. 

Russia, in, 184. 
Pipe-line Certificates, Prices of, 184. 
Population — Cities of U. S , of, 32. 

European Cities, 186 

United States, of, 25-6. 
Primitive Coins, 80 
Profits of Banking, 70. 

Railroads — American, 102. 

Cable, 112. 

Commissions of, State, 114-17. 

Construction of, Annual, 103. 

Credits of, 105-6. 

Electric, Europe, 162. 
United States, 163. 

Elevated, 111. 

Llorse, 113. 

Land Grants to, United States, 132. 

New York, City, Traffic of, 109-10. 

Time, Fastest, 101-5. 

Trains, Speed of, English, 104. 
United States, 104. 

Travel on, Boston, 168-9. 

Underground, London, 108 

Urban, of the World, 101. 

World, Statistics of, 101. 
Rails, Bessemer Prod of U. S., 147. 

Consumption of, 148. 
Rapid Transatlantic Passage*, 128. 
Rate of Interest Tables, 187-9. 
Revenues— Foreign Nation*, of, 23. 

United States, of the, 16. 

Water-works, of, 47. 
Rhode Island — Credit of, 31. 

Savings Banks of, 54. 
Russia, Petroleum in, 184. 

Savings Banks — Of United States, 
54. 
Connecticut, 54. 
Maine, 51. 
Massachusetts, 50. 
New York, 55-6. 
Rhode Island, 54. 
Securities of, 50. 
Statistics of, 49. 
Vermont, 53. 



Shipping of United States, 124-9. 
Admeasurement, 124. 
Shipbuilding, Tonnage and Carry- 
ing Trade, 124. 
Shipbuilding, Iron and Steel, 124, 

143-4. 
Steam Vessels, Early, 125. 
Steamers, Principal Ocean, 126-7. 
Amount and Cost of Coal 

burned by, 128. 
Ocean, Designating Marks of 

Lines, 129. 
Rapid Transatlantic Passages, 
128. 
Silver, Dollar, Our, 80. 

and G-old, Production, 88-90. 
Ratio of, to Gold, 90. 
Specie in the United States, 81. 
Speed — Of Railroad Trains in U. S., 
104. 
England, 104. 
Average of Ocean Steamers, 128. 
States — Banks of, 66-8. 
Credits of, 31. 
Debts of, Net, 28-9. 
Legal Holidays in, 191-2. 
Legal Interest in, 190. 
Limitation Statutes in, 190. 
Taxes of, 30. 
Valuation of, 30. 
Stock Market and Quotations, Boston, 

174-7. 
Storage Space required for United 
States Coins, 82. 

Telegraphs, 150-6. 

Cables, 154-6. 

Code, Maverick Bank, 75. 

Construction, Early, 151. 

Great Britain, of, 152-3. 

London, of, 153. 

United States, of, 153. 

World, of the, 152. 

Western Union Co., 154. 
Telephones, 156-8. 

Am. Bell Co., 158. 

Business in U. S., 157-8. 
Time, Railroad, Fastest, 107. 
Tobacco Product, United States, 135. 
Trains, Speed of, United States, 104. 

England, 104. 

United States — Agricultural Prod- 
ucts of, 135. 
Agriculture in, 135-9. 
Appropriations, Annual, of, 17. 
Area of, 130-1. 
Artesian Wells in, 40. 
Bank of the, 65-6. 
Banking in, 65-78. 
Bonds of the, 6, 7, 8, 9, 10. 
Capital, Banking, of, 65. 
Carrying Trade of, 124. 
Clearing-houses of, 91-7. 
Coal and Iron in, 140-9. 
Coal Product of, 144. 
Coal Statistics of, 140-4. 
Coinage of, 80-1. 
Commerce of, Foreign, 123. 



200 



INDEX. 



United States — Copper Product of, 
178, 180-1. 
Cotton Crops of, 137. 
County Debts of, 28-9. 
Credit of, 22. 
Currency of, 86. 
Debt of, 2-5, 18. 
Disposal of Lands, 132. 
Dollar, Silver, 80. 
Expenditures of, Annual, 16. 
Farm Statistics of, 133. 
G-old and Silver Product of, 88-90. 
Immigration to, 103-5. 
Interest, Payments of, 16. 
Iron and Steel, Product of, 142-4, 
145-9. 

Imports and Exports of, 148-9. 
Land, Grants of, 131. 
Municipal Debts of, 28-9. 
Paper Money of, 85. 
Population of, 25-6. 
Railroad Statistics of, 102. 

Cable in, 112. 

Credits of, 105-6. 

Commissions of, 114-17. 

Construction in, 103. 

Credits of, 105-6. 

Electric in, 163. 

Elevated in, 111. 

Horse in, 113. 

Trains, speed of, 104. 
Receipts, Annual, of, 16. 
Shipping, Tonnage of, 124. 



United States — Shipbuilding of, 

124, 143-4. 
Specie of, 81. 
State Debts, Taxes and Valuations 

of, 28-30 
Steam Vessels in, Early, 125. 
Surplus Revenues of, 3, 4, 16. 
Telegraphs of, 153. 
Territorial Debts of, 28-9. 
Wealth of, 25-6. 
Wheat Product of, 135. 
Wool Product of, 139. 

Value of Foreign Coins, 83. 
Vermont— Credit of, 31. 
Savings Banks of, 53. 

Water-works, 36-48. 

American, 43-5. 

Bonds of American Co.'s, 36-9. 

Canada, of, 48. 

Cost and Expense of, 45-6. 

Early History of, 39-40. 

Financial Details of, 47-8. 

Modern Systems of, 41-2. 

Receipts of, 47. 
Wealth of the United States, 25-6. 
Western Union Telegraph Co., 154. 
Wheat Product — Of U. S., 135. 

Of World, 136 
Wool — Product of United States, 139 

Receipts at Boston, 173. 
Words of Wisdom, Franklin's, 194. 



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